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.

Form 1098

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Mortgage Interest Statement

Rev. January 2022

These instructions provide guidance on how to complete Form 1098, Mortgage Interest Statement. The form is used by recipients of mortgage interest payments to report those payments to the IRS and to the payers/borrowers. The instructions cover topics such as what information must be reported, how to determine the amount of mortgage interest and points paid, and when the form must be furnished to the payers/borrowers.

Instructions

Form 1098 Instructions - Instructions for Form 1098, Mortgage Interest Statement
Instructions for Forms 1096, 1097, 1098, 1099, 3921, 3922, 5498, and W-2G - General Instructions for Certain Information Returns, (Forms 1096, 1097, 1098, 1099, 3921, 3922, 5498, and W-2G)

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Form 1098

FAQ

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.

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Tax forms

Form 1098 is one of Tax forms that are documents used to report information about an individual's or business's income, deductions, and tax liability to the relevant tax authority. These forms are necessary to comply with tax laws and fulfill tax obligations. Tax forms vary depending on the country and the specific tax requirements in place. Here are some common types of tax forms:

Individual Tax Forms: These forms are used by individual taxpayers to report their personal income and claim deductions, credits, and exemptions. Examples include the 1040 form in the United States or the Self-Assessment Tax Return form in the United Kingdom.

Business Tax Forms: Business tax forms are used by companies, partnerships, or self-employed individuals to report their business income, expenses, and other tax-related information. Examples include the Schedule C form (Profit or Loss from Business) in the United States or the CT600 form (Company Tax Return) in the United Kingdom.

Payroll Tax Forms: These forms are used by employers to report the wages, salaries, and taxes withheld from their employees' paychecks. Examples include the W-2 form in the United States or the P60 form in the United Kingdom.

Sales Tax Forms: Sales tax forms are used by businesses to report and remit sales tax collected on taxable goods or services. The specific sales tax forms vary by jurisdiction.

Value Added Tax (VAT) Forms: VAT forms are used in countries that impose a value-added tax to report and remit VAT collected on sales and claim VAT credits for purchases. Examples include the VAT return forms used in many countries.

Estimated Tax Forms: Estimated tax forms are used to report and pay estimated taxes on income that is not subject to withholding, such as self-employment income or investment income.

These are just a few examples of the numerous tax forms that may exist. The specific forms required depend on the tax laws and regulations in your country or jurisdiction. It is important to consult the tax authority's guidelines or seek professional advice to determine which forms are applicable to your situation.

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