Obrazac 1098

What is Form 1098 used for?

Form 1098, Mortgage Interest Statement, is used by lenders to report certain mortgage interest and other information to individual taxpayers and the Internal Revenue Service (IRS) for federal income tax purposes.

What is the difference between Form 1098 and Form 1098-T?

Form 1098, Mortgage Interest Statement, reports mortgage interest paid during the calendar year. Form 1098-T, Tuition Statement, reports amounts paid for qualified tuition and related expenses to students or other individuals responsible for paying those expenses.

What is a box-by-box explanation of Form 1098?

Box 1: Name of Borrower

Box 2: Address of Borrower

Box 3: Social Security Number of Borrower or Other Identifying Number (ITIN)

Box 4: Refund of Overpaid Interest

Box 5: Mortgage Insurance Premiums

Box 6: Points Paid on Purchase of Principal Residence

Box 7: Address of Property Securing Mortgage or Description of Property Securing Mortgage and Number of Mortgaged Properties (if multiple properties)

Box 8: Other Information to be Reported by Lender to Borrower

Box 9: Total Interest Paid

Box 10: Credits

When is Form 1098 due?

Form 1098 must be furnished to the recipient by January 31 of the year following the calendar year in which the mortgage interest was paid. The lender must also file a copy with the IRS by February 28 (or March 31 if filing electronically).

What information does Form 1098 report?

Form 1098 reports the mortgage interest paid during the calendar year, any points paid or received, certain closing costs, and other information related to the mortgage.

Who receives a Form 1098?

Individual taxpayers receive a Form 1098 from their lender if they have paid mortgage interest during the calendar year. The IRS also receives a copy of each Form 1098.