What is Form 1098-MORT?
IRS Form 1098-MORT, or also known as 1098 mortgage Interest is used to report mortgage interest payments made on a property such as a building or land. Primary user of this form are business, banks, and other individuals whose business involves providing mortgage loans for the purchase of real property. Barrowers that make payments of $600 or more on the interest of their mortgage loans may receive a 1098-MORT and enter the amount as a deduction on their induvial income tax. Notice that with 1098-MORT it is the lender who is receiving payments that must report the information to the IRS and send copies to the induvial(s) they receive payment from; while the payers are the ones that receive a copy and a deduction.
It’s important that you get your 1098s sent to each of your borrows on time and so Tax2efile offers both mailing and emailing borrower copies. When you E-file your 1098s with tax2efile you can keep your borrows saved and organized under your recipient profile(s), so no more digging through papers from last year. Need more explanation or assistance with e-filing your 1098? Just contact our support team and speak with a real person in no time.
Register for free to E-file Form 1098-T, with Tax2efile or Call us on 703-229-0326 for assistance on filing your 1098 taxes online.