Where do I get my 1098 mortgage interest statement? This is a common question among homeowners who are required to file this form with their tax returns each year. The 1098 mortgage interest statement provides vital information about the mortgage interest you paid during the previous year, which can be crucial for tax deductions. In this article, we will guide you on how to obtain your 1098 mortgage interest statement and what to do with it.
The 1098 mortgage interest statement is typically issued by the lender who holds your mortgage. To obtain your statement, follow these steps:
1. Contact Your Lender: Reach out to your mortgage lender and request a copy of your 1098 mortgage interest statement. Most lenders have a dedicated customer service department that can assist you with this request.
2. Online Access: Some lenders offer online portals where you can access your mortgage documents, including the 1098 form. Log in to your account and look for the section related to tax documents or mortgage statements.
3. Mail or Email: If your lender does not provide an online option, you may request the form to be mailed or sent to your email address. Be sure to provide your current contact information to ensure you receive the statement promptly.
4. Previous Year’s Records: If you have lost your previous year’s 1098 form, you can often find it in your mortgage payment records or tax documents. If you still cannot locate it, contact your lender for assistance.
Once you have received your 1098 mortgage interest statement, here’s what you need to do:
1. Review the Form: Carefully go through the details provided on the form to ensure the information is accurate. This includes the amount of mortgage interest you paid, the mortgage account number, and the lender’s information.
2. Keep It Safe: Store the 1098 form in a secure location. You may need it for future tax years or to verify information with the IRS.
3. Tax Deduction: If you itemize deductions on your tax return, you can deduct the mortgage interest you paid, up to certain limits. Make sure to attach the 1098 form to your tax return to substantiate your deduction.
4. Documentation: Keep copies of the 1098 form and your mortgage payment records for at least three years in case the IRS requests them for verification.
Obtaining your 1098 mortgage interest statement is an essential step in preparing your tax return. By following these guidelines, you can ensure that you have the necessary information to claim your mortgage interest deduction and maintain accurate records of your mortgage payments.
