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Get Irs 1098 Instructions 2017
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How to fill out the IRS 1098 Instructions online
This guide provides a comprehensive overview of the IRS 1098 Instructions, specifically focused on how to fill out the form online. Whether you are familiar with tax documents or new to the process, this step-by-step guide will help you navigate the form efficiently.
Follow the steps to complete the IRS 1098 Instructions online
- Use the ‘Get Form’ button to access the IRS 1098 form and open it in an online editor.
- Begin by entering the recipient's name, address, and telephone number in the designated boxes. This information identifies the lender or organization that received the mortgage interest.
- In the payer's/borrower's name and address boxes, enter the information for the individual who paid the interest. Ensure accuracy in spelling and details.
- Fill in box 1 with the total mortgage interest received from the payer during the year, excluding any points or government subsidies.
- Enter the outstanding mortgage principal as of January 1 in box 2. This is the amount owed on the mortgage at the start of the year.
- Specify the mortgage origination date in box 3 by entering the date the mortgage was created.
- If applicable, list any refund of overpaid interest in box 4, indicating any amount recredited to the borrower for the prior year.
- For mortgage insurance premiums received during the year, input the total in box 5 if the amount meets the required threshold of $600.
- Provide the property address in box 7 or complete box 8 if the address of the property is different from the payer's mailing address.
- If multiple properties secure the mortgage, indicate the total number of properties in box 10.
- Use box 11 to report any additional relevant information, like real estate taxes or insurance payments.
- Review all entries for accuracy before saving, downloading, printing, or sharing the completed form as necessary.
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To report 1098 interest on a mortgage, you will need to include the mortgage interest shown on the 1098 form in your tax return. This amount is generally entered on Schedule A if you are itemizing deductions. For a step-by-step process, the IRS 1098 Instructions will guide you through.
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