Form 1098

Form 1098, also known as the Mortgage Interest Statement, is a document used by taxpayers in the United States to report the amount of mortgage interest and related expenses paid on a mortgage during the tax year. Lenders are required to provide this form to borrowers who have paid $600 or more in mortgage interest during the year. The primary purpose of Form 1098 is to provide information to both the taxpayer and the Internal Revenue Service (IRS) regarding mortgage interest payments. Taxpayers use this information to claim mortgage interest deductions on their tax returns, which can potentially lower their taxable income.

For more information, visit: irs.gov/forms-pubs/about-form-1098