Home Sweet Home: Understanding Your 1098 Form
If you’re a homeowner and you pay a mortgage, you most likely would like to receive tax credits for the interest you paid on your mortgage throughout the year. In order to get these tax credits, you’ll need to file a standard 1098 form, aka a Mortgage Interest Statement. You’ll automatically get one from the company that services your mortgage loan by the end of January every year; this form tells you how much interest you paid during the previous year, including prepaid “points” of interest.
If you are the loan servicer, you’ll need to fill out the standard 1098 form–the red copy goes to the IRS and the black copy goes to the loan borrower for their own records. If the borrower has paid more than $600 in interest over the last year, you are obligated to fill out this form, but even if they paid less than that, it’s usually best to complete this form anyway.
Want to fill out and send Form 1098? Click here.
Need a little guidance? Watch this video:
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