What is IRS Form 1098?

• Form 1098, the Mortgage Interest Statement, is utilized by lenders to report payments of $600 or more in interest, mortgage insurance premiums, or points made by a borrower in a tax year. Lenders must file a separate Form 1098 for each mortgage they hold. If a mortgage doesn't meet the $600 interest threshold, filing the form isn't mandatory, but some lenders may still do so. The data on this form is used for specific tax deductions linked to interest, mortgage insurance premiums, or points paid.

When would you need to file a 1098?

• If you are a lending business or collection agency, involved in real estate, a government unit, or a cooperative housing corporation, you may need to file a Form 1098.

• If, for instance, you are a real estate developer that provides financing for homes in your division, and you accept the home as security for the financing, the mortgage interest your receive must be reported on IRS Form 1098.

• If, for example, you are a florist and offer a loan to an individual to buy your home, the interest you receive is not reportable as this loan is not part of your business or trade

• For more, visit www.irs.gov

1098 Deadline and Important Dates

With Tax1099.com, you can schedule the date that your forms are transmitted to the IRS. Scheduling your forms gives you time between when we email/USPS your forms to vendors and when we send the forms to the IRS. This is useful because your vendors may have edits to make. You can make those changes in Tax1099 before the scheduled date at no extra charge. We automatically schedule your IRS eFile transmission at a week away from when you submit, or by the deadline. You can edit this date to match your preference.

1098 eFile Info

Electronically filed 1098 forms are directly transmitted to the IRS from Tax1099.

IRS eFiled acceptance acknowledgment comes within 3 to 7 business days.