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IRS Form 1098 & Instructions

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Tips For Using Form 1098

1. Filling Out Form 1098Provide accurate details about mortgage interest paid, property taxes, and mortgage insurance premiums. Ensure the information matches your records and those of your lender.
2. Understanding Tax DeductionsKnow the tax implications of the information on Form 1098. Understand how mortgage interest, property taxes, and mortgage insurance premiums affect your tax deductions and liabilities.
3. Updating Form 1098Verify the information provided by your lender on Form 1098 for accuracy. If there are discrepancies, communicate with your lender to update the form before filing your taxes.