Form 1098
Form 1098 is used to report mortgage interest statement which is $600 or more paid to a lender for a mortgage. We offer e-filing services for IRS Form 1098 and 1098-T.
Mortgage lenders must supply borrowers with Form 1098 every year. The amount of mortgage interest on this form is important, because in most cases it lowers the taxpayer's tax liability.
Receipts of interest from corporations, partnerships, trust, estates, associations, or companies do not require 1098, according to the IRS.
If the interest paid is less than $600, however, the borrower might not receive a 1098 from the lender (though the borrower can still report the interest paid).