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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, 2018 and e-filed with the IRS by April 2, 2018.

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