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What Is The Purpose of IRS Form 1098?

The so-called Mortgage Interest Statement or 1098 form is one of the documents, that is quite frequently used by taxpayers.

Its purpose is to report the interest, received from the mortgage which is higher than six hundred dollars. This template is designed only for those who have real property (as defined by the IRS) such as land and any buildings/structures located on it. Anyone who falls under this category will need to complete the form.

The document is submitted to the Internal Revenue Service no later than the twenty-eighth of February. It is recommended for you to mail it before this date to avoid any fines or misunderstandings.

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What Information Does The 1098 Sample Contain?

The IRS 1098 form is important to be completed with several copies. Once filed to the IRS, the payer and lender should keep copies of the document to keep their records. It is important for the payer to receive it before the end of January. The template should include the following data:

  • The tenant's and lender’s full names, addresses, and contact details;
  • The taxpayer identification number of the payer or borrower and the federal identification number of the lender and taxpayer details of both parties;
  • The payer’s personal data and mailing information;
  • The number of mortgaged properties;
  • You should provide all financial details like a mortgage interest, refunds, insurance premiums and purchase points of the residence;
  • The first box shows the sum of the interest received during the year (any interest from associations, corporations or partnerships are not reported in the 1098 form);
  • The last section contains the address of the property securing a mortgage and its description.

Remember that the red version of the sample needs to be physically mailed or sent by fax in order to be processed by the Internal Revenue Service. In addition, you will need to file a new document with at least three copies.