Lenders must file a separate Form 1098 for each mortgage you hold. What is Form 1098?įorm 1098 Mortgage Interest Statement is used by lenders to report the amounts paid by a borrower if it is $600 or more in interest, mortgage insurance premiums, or points during the tax year. The IRS requires most of these forms (excluding 1098-C) to be completed and sent to taxpayers by February 1 of each year so that taxpayers can use the information to complete their tax returns. In particular, they cover mortgage interest payments contributions of motor vehicles, boats, or airplanes student loan interest paid and tuition and scholarship information. The 1098 form and its variants are used to report certain contributions and other possible tax-deductible expenses to the IRS and taxpayers.
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