What Is a Mortgage Form 1098?

Form 1098 isn't really a mortgage form, it's a tax form. It's the one your lender sends you to let you know how much mortgage interest you paid in a calendar year. Mortgage interest is tax-deductible if you itemize on Schedule A. One copy of the 1098 goes to you, and the lender sends a second to the IRS.

The 1098

Your lender sends out the 1098 for any year you pay $600 or more in interest. Smaller amounts are still deductible, but you don't get a 1098. Box 1 shows the mortgage interest paid. Box 2 on the form includes any points, or pre-paid interest, you paid on the loan. Form 1098s only go out to individuals. If the property owner is a partnership, corporation, trust or estate, there's no form, even if the interest is still deductible.

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