IRS Form 1098: Mortgage interest statement

Key takeaways

• A mortgage interest statement, also called IRS Form 1098, is a document that details the mortgage interest you paid over the year.
• You’ll need the information on Form 1098 to include your mortgage interest with your itemized deductions. If you take the standard deduction, you cannot deduct your mortgage interest.
• Mortgage lenders send out Form 1098 to anyone who holds a mortgage and has paid $600 or more in interest during the tax year.
• Form 1098 is chock full of information. Work with a Tax Pro who can help you clear up anything you don’t understand and get every dollar you deserve.

What is a mortgage interest statement?

Did you know that you can deduct your home mortgage interest from your taxable income? This is one of the biggest tax perks for homeowners. But to take advantage of the mortgage interest deduction, you’ll need a mortgage interest statement.

A mortgage interest statement is a document that homeowners receive from their mortgage lenders. This statement shows the amount of mortgage interest you paid during the year. If you own a home and have a mortgage, you will likely get this statement every year.

What is IRS Form 1098 (1098 mortgage form)?

IRS Form 1098 is the formal name for a mortgage interest statement. If you pay $600 or more in mortgage interest, mortgage insurance premiums, or points during the year, your lender(s) are required to send you this form for each mortgage you hold.

Even if your mortgage doesn't meet the $600 interest threshold, some lenders might still send you the 1098 mortgage form. The information on Form 1098 is critical if you want to itemize and take the home mortgage interest deduction. If you take the standard deduction, you cannot deduct your mortgage interest.

The IRS 1098 mortgage form includes

• Your lender's name, address, phone number, and taxpayer identification number
• Your name, address, and taxpayer identification number
• The amount of mortgage interest you paid
• Your outstanding mortgage principal
• The origination date of your mortgage
• Any refund for interest you overpaid
• Any points you paid when you purchased the home
• Your home’s address and a description of the property
• The number of properties that secure the mortgage
• The date the lender acquired the mortgage
• The amount of real estate taxes paid through the mortgage company

Who receives Form 1098?

Lenders send out Form 1098 to anyone who has a mortgage on their home and has paid more than $600 toward interest during the tax year. Whether your mortgage is for your primary residence, a second home, or even an investment property, you will get this form if you meet the $600 threshold.

How do I get my mortgage interest statement?

Your mortgage lender is responsible for sending you Form 1098. You will usually receive it by the end of January each year. Lenders can mail it to you or make it available to you online through your mortgage account.

If you don't receive your form by early February, you should contact your lender and request a copy.

Work with your local Jackson Hewitt Tax Pro to claim a mortgage interest deduction

Form 1098 has 11 boxes for important information about your mortgage that can impact your taxes. The form can get quite complex, and it's easy to overlook key details.

To ensure you make the most of your mortgage interest deduction, it's a good idea to work with a Tax Pro who can help you understand each part of Form 1098 and how it affects your taxes.

Tax Pros at Jackson Hewitt can help you with the entire tax filing process, making sure you don't miss any credits, deductions, or dollars when you file.

About the Author

Mark Steber is Senior Vice President and Chief Tax Information Officer for Jackson Hewitt. With over 30 years of experience, he oversees tax service delivery, quality assurance and tax law adherence. Mark is Jackson Hewitt’s national spokesperson and liaison to the Internal Revenue Service and other government authorities. He is a Certified Public Accountant (CPA), holds registrations in Alabama and Georgia, and is an expert on consumer income taxes including electronic tax and tax data protection.

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