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Get Irs 1098 Instructions 2018
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How to use or fill out the IRS 1098 Instructions online
This guide provides a detailed overview of how to complete the IRS Form 1098, Mortgage Interest Statement online. Understanding each component of the form is essential for accurately reporting mortgage interest and meeting your tax obligations.
Follow the steps to effectively fill out the IRS 1098 Instructions online.
- Press the 'Get Form' button to download the form and open it in your preferred editor.
- Enter the recipient's/lender's name, address, and telephone number in the designated fields, ensuring that the information is accurate.
- Complete the payer's/borrower's name and address boxes with the details of the person who paid the interest.
- Fill in box 1 with the total mortgage interest received from the borrower during the calendar year, excluding points.
- Report the outstanding mortgage principal as of January 1 of the applicable year in box 2.
- Indicate the mortgage origination date in box 3 to provide clarity on when the loan was initiated.
- If applicable, document any refunds of overpaid interest in box 4.
- Enter the total mortgage insurance premiums in box 5, only if they exceed $600.
- Report any points paid for the purchase of the payer's principal residence in box 6.
- Check the box in box 7 if the property securing the mortgage has the same address as the payer's mailing address.
- Provide the address or description of the property securing the mortgage in box 8 if it differs from the payer's address.
- Specify the total number of properties securing the mortgage in box 9, or leave it blank if only one property is involved.
- Use box 10 to report any other relevant information or items that you wish to share with the payer.
- After completing the form, save your changes, and download, print, or share the IRS 1098 form as needed.
Start completing your IRS 1098 Documents online now for a smoother filing experience!
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To report 1098 interest on a mortgage, you need to include the amounts shown on the form when filing your tax return. Generally, mortgage interest is deductible and should be entered on Schedule A of your Form 1040. Following the IRS 1098 Instructions can help ensure you capture this important deduction accurately, potentially increasing your refund.
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