1098

What is Form 1098?

Form 1098 is used to report mortgage interest of $600 or more received by you during the year.

It applies to mortgage interest received from an individual, including sole proprietors.

This form helps borrowers report their mortgage interest on their tax returns.

Who needs to file Form 1098?

• Lenders, banks, and financial institutions issue Form 1098 to borrowers who meet the criteria for mortgage interest payments.
• If you're a lender and you received mortgage interest payments of $600 or more, you must issue Form 1098 to the borrower.
• Each mortgage generates a separate Form 1098.