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What Is Form 1098 Mortgage Interest Statement? Form 1098 is used to payments of mortgage interest, mortgage insurance premiums and points in excess of $600. Lenders and businesses that receive ...
Once you’ve decided that itemizing your deductions and claiming your mortgage interest payment makes sense, you’ll have to do the paperwork come tax time. Give your Form 1098 to your tax ...
First, you’ll need your Form 1098 from your lender. This official tax form will show how much you paid in mortgage interest and points. ... property taxes and mortgage insurance premiums.
The Form 1098, Mortgage Interest Statement, is used to report interest that a taxpayer has paid on his or her mortgage. Such interest might be tax-deductible as an itemized deduction; The Form 1098-C, Contributions of Motor Vehicles, Boats, and Airplanes, reports charitable contributions of motor vehicles
There are also many forms used to report non-wage income, and to report transactions that may entitle a taxpayer to take a credit on an individual tax return. These non-wage forms are the Forms 1099 (of which there are 16 types), Forms 1098 (of which there are four types), and Forms 5498 (of which there are three types).
Mortgage interest statement (Form 1098): This form is provided by your home equity loan lender and shows the total amount of interest paid during the previous tax year.