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What is form 1098 mortgage interest?
Form 1098 mortgage interest is a tax form used to report mortgage interest paid by an individual or entity.
Who is required to file form 1098 mortgage interest?
Lenders or financial institutions that receive $600 or more in mortgage interest payments from a borrower during the tax year are required to file form 1098.
How to fill out form 1098 mortgage interest?
Form 1098 mortgage interest should be completed with accurate information regarding the lender, borrower, and the amount of mortgage interest paid. It should then be submitted to the IRS.
What is the purpose of form 1098 mortgage interest?
The purpose of form 1098 is to help the IRS track and verify deductible mortgage interest payments made by individuals or entities.
What information must be reported on form 1098 mortgage interest?
Form 1098 must include the name, address, and tax identification number of the lender, as well as the amount of mortgage interest received from the borrower.
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