How can my Form 1098 help with tax deductions?
This statement reports the total mortgage interest paid on your loan during the year. Generally, homeowners may be able to deduct mortgage interest from their taxes owed to the IRS. For information and guidance, you can consult a qualified tax advisor, contact the IRS at 1.800.829.1040, or visit IRS.gov.
Can interest paid be deducted by both borrowers and co-borrowers?
You can check the "Instructions for Payer/Borrower" section of your IRS Form 1098 for this information, consult a qualified tax advisor, contact the IRS at 1.800.829.1040, or visit IRS.gov.
If my mortgage is exempt from Form 1098 reporting, is interest paid on my loan tax deductible?
Typically, even if your mortgage is exempt from the Form 1098 requirement, interest paid on your loan may still qualify for tax deductions. For guidance, you can consult a qualified tax advisor, contact the IRS at 1.800.829.1040, or visit IRS.gov.