IRS

Form 1098

Rev. 2024

Mortgage Interest Statement

Issued by mortgage lenders when $600+ of mortgage interest was received.

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Plain English

Form 1098 is your annual mortgage interest statement from your lender. It shows how much mortgage interest you paid during the year, which you can deduct on Schedule A if you itemize deductions.

Quick Facts

Who: Homeowners who paid $600 or more in mortgage interest on a primary residence or qualifying second home during the tax year.
What: Mortgage interest statement showing mortgage interest received, outstanding principal, mortgage insurance premiums, and property taxes paid through escrow.
When: Lender must send by January 31 of the following year.
Where: Sent by your mortgage lender or servicer by mail or online portal.
Why: Home mortgage interest is tax-deductible on Schedule A for loans up to $750,000 (acquisition debt). Use Form 1098 to claim this deduction.
How: Use Box 1 (mortgage interest) for Schedule A deduction. Box 5 (mortgage insurance) may be deductible. Box 10 (real estate taxes) also deductible.

Common Risks & Mistakes

  • •Assuming you itemize when you don't — mortgage interest deduction only applies if you itemize deductions on Schedule A
  • •Missing points deduction — Box 6 shows mortgage points paid which may be fully deductible in the year paid
  • •Not checking if loan exceeds $750,000 — interest on acquisition debt above $750k is not deductible
  • •Forgetting about refinanced loans — new loan may have different deductible limits

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Field-by-Field Guide

Lender
Lender's Name, Address, EINREQUIREDtext

Mortgage servicer or lender that received interest payments.

Borrower
Borrower's Name, Address, TINREQUIREDtext

Your personal information as shown on the mortgage.

Box 1
Mortgage Interest ReceivedREQUIREDamount

Total interest received by lender. Deductible on Schedule A (up to $750,000 loan balance for post-2017 mortgages).

Box 2
Outstanding Mortgage Principalamount

Balance of the mortgage as of January 1 of the tax year.

Box 5
Mortgage Insurance Premiumsamount

PMI and qualified mortgage insurance premiums paid (may be deductible).

Box 10
Real Estate Taxes Paidamount

Property taxes collected through escrow and paid by lender.

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Disclaimer: We do not provide legal advice. We translate legal language into plain English and help you prepare for a conversation with a lawyer.