Instructions for IRS Form 1098 Mortgage Interest Statement

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Instructions for IRS Form 1098 Mortgage Interest Statement

This document contains official instructions for IRS Form 1098 , Mortgage Interest Statement - a tax form released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury. An up-to-date fillable IRS Form 1098 is available for download through this link.

FAQ

Q: What is IRS Form 1098?
A: IRS Form 1098 is a statement provided by your mortgage lender that shows the amount of mortgage interest you paid in a year.

Q: Why is IRS Form 1098 important?
A: IRS Form 1098 is important for tax purposes. It allows you to deduct the mortgage interest you paid from your taxable income.

Q: Who should receive an IRS Form 1098?
A: If you paid $600 or more in mortgage interest to a mortgage lender, they are required to provide you with IRS Form 1098.

Q: What information is included in IRS Form 1098?
A: IRS Form 1098 includes the name and address of the mortgage lender, the amount of mortgage interest you paid, and the points paid on the mortgage if applicable.

Q: When should I expect to receive IRS Form 1098?
A: Mortgage lenders are required to send out IRS Form 1098 by January 31st of the following year.

Q: Do I need to attach IRS Form 1098 to my tax return?
A: No, you don't need to attach IRS Form 1098 to your tax return. Keep it for your records in case of an audit.

Q: Can I deduct all the mortgage interest shown on IRS Form 1098?
A: In most cases, you can deduct all the mortgage interest shown on IRS Form 1098. However, there are certain limitations based on your specific circumstances.

Q: What if there are errors on IRS Form 1098?
A: If you notice any errors on IRS Form 1098, contact your mortgage lender to have them issue a corrected form.

Q: What should I do if I didn't receive IRS Form 1098?
A: If you didn't receive IRS Form 1098, contact your mortgage lender to request a copy. They are required to provide it to you.

Q: Can I use IRS Form 1098 if I refinanced my mortgage?
A: If you refinanced your mortgage, you may receive multiple IRS Form 1098s. Make sure to review them all for accurate information.

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Instruction Details:

  • This 6-page document is available for download in PDF;
  • Not applicable for the current tax year. Choose a more recent version to file this year's taxes;
  • Complete, printable, and free.

Download your copy of the instructions by clicking the link below or browse hundreds of other forms in our library of IRS-released tax documents.

Download Instructions for IRS Form 1098 Mortgage Interest Statement

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