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 to report interest of $600 or more paid by the payer/borrower for each mortgage held. Form 1098 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 January 31, 2017 and e-filed with the IRS by March 31, 2017.
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|