Form 1098 is known as a Mortgage Interest Statement. It should be filed and sent to the Internal Revenue Service in order to report mortgage interest, including points, of more than $600 paid to a lender for a mortgage.
For federal income tax purposes, it is a loan secured by your main home or second home. Refinanced mortgages and home equity loans are also included. Any living accommodation with a sleeping space, toilet and cooking facilities may be qualified as a loan. That means, that you may even charge a traditional rancher, a yacht or a mobile phone.
Note, that you must complete IRS form 1098 only in case your property is a real estate, which is defined as land and anything built, growing on it and attached. The total amount of credit, that you can use charging your property can be no more than $1 million, even if you pay more than that.
The sample consists of 6 pages, including instructions and fields to be filled with the following:
File Copy A of this form with the IRS by mail till February 28, 2021 or electronically by April 1, 2019.
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