📝Form 1098 is used to report mortgage interest paid on a qualified residence.
💡Most taxpayers can deduct mortgage interest as an itemized deduction on Schedule A.
💲Interest paid on a mortgage used to purchase, build, or improve a home may be deductible.
🏠Mortgage insurance premiums and points paid on a mortgage may also be deductible.
✅Form 1098 helps taxpayers accurately report mortgage interest and claim relevant deductions.
What is Form 1098?
—Form 1098 is a mortgage interest statement issued by a mortgage company to report the amount of mortgage interest paid by the taxpayer.
Can I deduct mortgage interest on my tax return?
—Yes, most taxpayers can deduct mortgage interest as an itemized deduction on Schedule A.
What other deductions can I claim related to my mortgage?
—In addition to mortgage interest, you may be able to deduct mortgage insurance premiums and points paid on the mortgage.
How do I report Form 1098 on my tax return?
—You should use the information provided in Form 1098 to accurately report your mortgage interest deduction on Schedule A of your tax return.
Who should I contact if I have questions about Form 1098?
—If you have questions about Form 1098 or the deductibility of mortgage interest, you should consult a tax professional or the IRS for guidance.
00:00IRS Form 1098 is a mortgage interest statement used to report mortgage interest paid on a qualified residence.
01:20Most taxpayers can deduct mortgage interest as an itemized deduction on Schedule A.
08:23Interest paid on a mortgage used to purchase, build, or improve a home may be deductible.
11:58Form 1098 also reports mortgage insurance premiums and points paid on a mortgage, which may be deductible.
15:48Form 1098 helps taxpayers accurately report mortgage interest and claim relevant deductions on their tax return.
