Form 1098: Mortgage Interest Statement
Report mortgage interest of $600 or more received from an individual during the year.
Filing Deadline
January 31 (to borrower) / February 28 (paper) or March 31 (e-file) to IRS
Threshold
$600 or more in mortgage interest
Deduction
Used by borrowers to claim mortgage interest deduction
Overview
Form 1098 is filed by mortgage lenders to report mortgage interest of $600 or more paid by a borrower during the tax year. This form helps taxpayers claim the mortgage interest deduction.
The form also reports points paid on purchase of a principal residence, outstanding mortgage principal, and mortgage insurance premiums.
Who Must File
Required Filers
- •Mortgage lenders and loan servicers
- •Received $600+ in mortgage interest from an individual
- •In the business of lending money secured by real property
- •Includes banks, credit unions, mortgage companies
Exceptions & Notes
- ✕Not required if interest received is less than $600
- ✕Not required for loans made to corporations or partnerships
Form Structure & Instructions
Here's what information is required in each section:
Interest and Principal Information
Mortgage interest and outstanding balance
Insurance and Points
Additional mortgage-related payments
Additional Information
Loan classification details
Important Filing Notes
Acquisition Debt Limits
For mortgages after Dec 15, 2017, interest is deductible on up to $750,000 of acquisition debt ($375,000 if married filing separately). Prior mortgages have $1 million limit.
Home Equity Loan Interest
Home equity loan interest is only deductible if proceeds were used to buy, build, or substantially improve the home securing the loan, and within acquisition debt limits.
PMI Deduction Uncertainty
Mortgage insurance premium deduction (Box 5) has expired and been renewed multiple times. Check current tax law to determine if deductible for the tax year.
Points on Refinance
Points paid on refinancing must generally be deducted over the life of the loan. Points on purchase of principal residence may be fully deductible in year paid.
Mortgage Interest Reporting Simplified
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