If you’re a homeowner, please read this post!
Form 1098 specifies the amount of interest you paid on your mortgage for the previous year. In addition, information regarding the amount that was paid for property taxes and insurance is also available.
Why do I need this form?
Interest paid on your mortgage offers you a tax incentive – it’s deductible! When you’re preparing your return, you can use the interest to help reduce your taxable income.
A reduction in your taxable income will reduce your tax liability.