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Standard Form 1098, Schedule of Canceled or Undelivered Checks, July 1980

Standard Form 1098, Schedule of Canceled or Undelivered Checks, July 1980

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Instructions and help about Standard Form 1098, Schedule Of Canceled Or Undelivered Checks, July 1980

welcome to county office your ultimate guide to local government services and public records let's get started should you report form 1098 on your taxes form 1098 is used to report mortgage interest paid on a property it is provided by mortgage lenders to borrowers this form details the amount of interest you paid during the tax year if you have a mortgage you may receive form 1098 this form can help you determine your deductible mortgage interest it is important to understand how this deduction can impact your tax return the IRS allows taxpayers to deduct mortgage interest if they itemize their deductions this deduction can significantly reduce taxable income however not everyone will benefit from itemizing deductions some taxpayers opt for the standard deduction instead if your total itemized deductions do not exceed the standard deduction you may not need to report form1 98 Additionally you should keep accurate records of your mortgage payments this documentation can support

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