How Can You Obtain a Copy of Form 1098 for Mortgage Interest?


Quick Answer

Mortgage lenders automatically mail a copy of Form 1098 before Jan. 31 of each year, according to SFGate. Homeowners who do not receive a Form 1098 can call their lender's customer service line to request a duplicate or look on the lender's website for an electronic copy.

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Full Answer

Box 1 of Form 1098 lists the total amount of mortgage interest paid for the prior tax year, which homeowners report as a deduction on Schedule A of their tax return, explains Forbes. Box 2 lists any points homeowners paid during the prior tax year, but these payments must meet certain requirements to be tax deductible. Box 3 lists any refund or overpayment of interest, which taxpayers must also report to the Internal Revenue Service. Most of the time, lenders use box 4 to report any paid real estate taxes from the past year, but some lenders use box 5 for this purpose.

The IRS does not require mortgage lenders to issue a Form 1098 if less than $600 was spent in interest or if the financed property does not qualify as real property, reports Forbes. The IRS also caps the mortgage interest deduction at $1 million dollars of total debt. Homeowners who have more than one mortgage receive a Form 1098 from each lender.

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