Sample Mortgage Statement For Taxes In Cook
Description
Form popularity
FAQ
If you itemize your deductions on Schedule A (Form 1040), only include the personal part of your deductible mortgage interest on Schedule A (Form 1040), lines 8a or 8b.
There are 11 boxes to take note of when reviewing your statement. Box 1: Mortgage interest received from the borrower. Box 2: Outstanding mortgage principal. Box 3: Mortgage origination date. Box 4: Refund of overpaid interest. Box 5: Mortgage insurance premiums.
If you are required and you do not file electronically, you may be subject to a penalty of up to $100 per 1098 form.
Deducting mortgage interest using Form 1098 You might be able to deduct the Form 1098 amounts if they meet the guidelines for that amount. Put Box 1, deductible mortgage interest, and Box 6, points, into your Schedule A (Form 1040), Line 8a.
About Form 1098, Mortgage Interest Statement.
You can get your mortgage info by going to your lender's website. Other documents, like your monthly mortgage bills and your Closing Disclosure (or HUD-1), will also have some of this information. Your lender should send you a 1098 by January 31.
As a new homebuyer, you will want to be on the lookout for Form 1098, “Mortgage Interest Statement” which is used to report mortgage interest, including points. This form can help you claim these deductions on your Form 1040. Typically, Form 1098 is mailed to you in January.
How Do I Get My 1098 Form? Your mortgage lender sends your Form 1098 to you, generally by the end of January of the filing year. Some lenders may make their tax forms available online, in which case you should check your account to download.
