Learn More About 1098
WHAT is a 1098?
Form 1098 is used to report interest paid on a mortgage (including points) and certain mortgage insurance premiums received from individuals in the course of trade or business, also including reimbursements of overpaid interest.
WHY do I file 1098?
The IRS requires that all income and deductible expenses are reported by businesses and individuals or penalties could apply.
WHO needs to file 1098?
A mortgage company files Form 1098 for interest paid of $600 or more the payer/borrower for each mortgage. A 1098 Form is not required for interest received from a business, trust, estate and some other entities. See the official IRS instructions.
WHEN do I file 1098?
1098 forms are required to be mailed to the recipient by Jan. 31, and E-filed with the IRS by Mar. 31, or a paper copy mailed to the IRS by Feb. 28 each year.
1098 Reporting Information
|What to Report||Amount to Report|
|Mortgage interest, including points, received by you from an individual, including a sole-proprietor.||$600 or more per mortgage|