Instructions for IRS Form 1098 Mortgage Interest Statement

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 form used to report mortgage interest paid by an individual or a company.

Q: Who should file IRS Form 1098?A: Lenders, such as banks or mortgage companies, should file IRS Form 1098 if they received $600 or more in mortgage interest from a borrower during the year.

Q: What information is required on IRS Form 1098?A: IRS Form 1098 requires the lender to report the amount of mortgage interest received, the borrower's name, address, and Social Security number or taxpayer identification number.

Q: When is IRS Form 1098 due?A: IRS Form 1098 must be furnished to borrowers by January 31 and filed with the IRS by the last day of February (or by March 31 if filed electronically).

Q: Why is IRS Form 1098 important?A: IRS Form 1098 is important for borrowers because it allows them to deduct the mortgage interest they paid during the year on their tax return, potentially reducing their taxable income.