Form 1098
Candlefocus EditorThe Form 1098 must be completed by the lender and sent to the taxpayer. It includes information such as the mortgage loan account number, the amount of interest you paid, the amount of points charged if any, the amount of any adjustments or refunds, and the address of the property mortgaged. Your lender is required to send you a Form 1098 if you have paid $600 or more during the year in mortgage interest. This form is typically sent before the last day of January. For those who are itemizing deductions, having this form is important in helping to determine the amount of mortgage interest paid and the amount one can deduct from one's taxable income.
Form 1098 is the most common type of 1098 tax form, however, there are other 1098 forms out there. For those who made any charitable contributions during the tax year, you may receive Form 1098-C. Those who paid for higher education will likely receive Form 1098-T, and those who paid student loan interest will be sent a Form 1098-E.
If you receive a Form 1098, it is important to keep it in a safe and secure place, as it is a vital form required to complete your tax return. This form must be added to your tax return in order to file a valid and accurate tax return.