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Video instructions and help with filling out and completing Form 1098 vs. Form 1098-c

Instructions and Help about Form 1098 vs. Form 1098-c

Welcome to PDF Run. In this video, we'll guide you on how to fill out Form 1098. Form 1098, or Mortgage Interest Statement, is a legal tax form from the Internal Revenue Service (IRS) used by taxpayers to report their annual mortgage in the course of their trade or business. To begin filling out this document, click on the "Fill Online" button. This will redirect you to PDF Run's online editor. Before starting, please take note that Form 1098 has to be filled out in three separate copies: Copy A for the IRS, Copy B for the payer and borrower, and Copy C for the recipient and lender. First, for the recipient or lender, enter the following details: the full legal name, the full address including the street, city or town, state or province, and zip or foreign postal code, phone number, and the taxpayer identification number (TIN). For the payer or borrower, enter the following details: the TIN followed by the payer or borrower's name, street address, city or town, state or province, and the zip or foreign postal code. For Point 1, enter the total amount of interest received on the mortgage from the payers or borrowers during the calendar year. This includes mortgage interest, home equity loans or lines of credit, or credit card loans that are secured by real property. For Point 2, enter the total amount of outstanding mortgage principal as of January 1st of the current year. For Point 3, enter the date of the mortgage origination. For Point 4, enter the total amount of refund or credit from the previous year's overpaid interest. For Point 5, enter the total amount of premiums paid for the tax year being reported. This amount may be $600 or more and will include prepaid premiums. For Point...