You may be aware that you need your 1098 Mortgage Interest Statement when filing taxes, especially if you want to take advantage of possible home tax deductions. The 1098 statement details all interest paid on a mortgage for a given year. Your 1098 statement should be made available to you by your mortgage servicer, generally by the end of January of the filing year. If you are not signed up for paperless, the statement from your servicer is mailed no later than January 31.
Check out some common questions regarding the 1098 Mortgage Interest Statement:
Why does my 1098 show that no taxes were disbursed?
Your 1098 may show that no taxes were disbursed for one of the following reasons: the taxes were paid at closing, the taxes were not paid from the escrow account in the year the 1098 is reporting on, or the loan was paid off before the taxes were due.
Why did I receive two 1098 statements?
If you refinanced your loan during the previous year and/or your loan was transferred, you'll receive two statements, one from each servicer..
Why isn't the co-borrower's social security number on the 1098 statement?
The IRS only requires the social security number of the primary borrower on the 1098. Please note that we are unable to change the social security number on the 1098 statements.
I paid points at closing. Why aren't they indicated on my 1098 statement?
The points and origination fees paid at closing may not appear on your 1098 statement if the loan was a refinance, investment property or a second mortgage. If a loan is a refinance, the points may be able to be claimed over the life of the loan. However, the IRS does not require us to report points on the 1098. If you have further questions about this, please confer with your tax adviser or attorney.
The above material is provided for informational purposes only and may not be construed as tax advice. Please consult a tax advisor concerning what is appropriate for your tax filing, questions regarding your taxes, and/or questions regarding mortgage interest deductions. If you do not have a tax advisor, you can reach out to the IRS at (800) 829-1040, IRS.gov, or your local IRS office for further resources.
Call me for all your residential lending needs!
Robert Rauf
Mortgage Loan Originator NMLS# 248937
http://www.homebridge.com/RobertRauf
or my blog: http://activerain.com/blogs/rrauf
Office: (732)908-4868 Cell (732)740-0175
RRauf@HomeBridge.com
www.RobertRauf.com
Since 1987 I have been helping my clients fulfill their dream of home ownership! HomeBridge Financial Services, Formerly REMN, HomeBridge Financial Services is located at 9 Grand Ave, Building 2 Suite A Toms River, NJ 08753. NMLS #6521. New Jersey Licensed Lender and Mortgage Banker #L041053. Visit www.Homebridge.com or www.RobertRauf.com for more information. NJ Mortgages, New Jersey Mortgages, Mortgages in NJ, mortgage in New Jersey, Mortgages in New Jersey, Toms River NJ 08753, Toms River NJ 08755, Brick NJ 08723, Brick NJ 08724 Mortgage in Ocean County NJ, Mortgage in Monmouth County NJ, Jackson NJ 08527, Howell NJ 07731, Lacey 08731 08734, Beachwood 08722 Bayville 08721,
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