* For many homeowners, mortgage interest will be reported annually to the IRS by the lender on Form 1098
As a result of the expiration of the mortgage insurance (MI) deduction on December 31, 2013, a box for reporting MI premiums was not included on IRS Form 1098
Would a prize amount reduce the amount of interest reported on a Form 1098
? Again the answer is "no." Since it is not "interest" to the IRS, it would not affect the amount reported on the 1098.
Put the check in the mail as early as possible so the lender can report it on IRS Form 1098
Your mortgage company didn't receive it until 2003, so the interest won't be shown on its Form 1098
. Remember to run an amortization schedule and add the additional 2002 interest payment on line 11 of your Schedule A.
To provide a familiar interface for contracting professionals, VPO was structured along the lines of the NASA Form 1098
, Checklist for Contract Award File Content.
Since the mortgagee is usually not aware of this, the Form 1098
that is issued to the employee generally reflects the additional interest paid by the relo.
Finally, home mortgage interest paid (Form 1098
, Mortgage Interest Statement) and tuition payments made (Form 1098-T, Tuition Statement) are also provided.
Congress also asked us to provide descriptive information on taxpayers' mortgage interest deductions and mortgage interest payments reported on Form 1098
, Mortgage Interest Statement.
This probably is ancillary to the use of Form 1098
mortgage interest payment records by both the IRS and FTB in their "lifestyle" analyses to measure possible under-reporting of income, even when a return has been filed, when the income reported on the tax return doesn't seem to support the mortgage interest being paid.
If you file form 1098
, 1099, or W-2G electronically (not by magnetic media), your due date for filing them with the IRS will be extended to March 31.
The bank may issue a Form 1098
, Mortgage Interest Statement, under the name of one or all co-obligors.