Form 1098 is primarily used to report mortgage interest when it totals more than $600 plus for that year. They also must be received during the course of your business or from a sole proprietor. This form can help you claim a mortgage deduction and points.
When do You Need to File 1098?
The following information you need to report in 1098.
- How much was paid in interest
- How much was paid for the mortgage insurance
- Property taxes the mortgage company pays
1098 Important Dates For 2020 Tax Year
- Recipient Copy-January 31st
- IRS Paper Filing-February 28th
- IRS eFile-March 31st
If these dates fall on a holiday they will be moves to the following day.