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Form 1098 is a form filed with the Internal Revenue Service (IRS) that details the amount of interest and related expenses paid on a mortgage during the tax year. These expenses can be used as deductions on a U.S. income tax form, Schedule A, which reduces taxable income and the overall amount owed to the IRS.
An individual or sole proprietor with more than one mortgage will receive multiple 1098 forms from his or her lending institution that show the total interest paid for each real property. Although the lender may provide Form 1098 to all real property mortgage owners, only mortgage holders that paid at least $600 in interest payments qualify for the tax deduction. This means that, even though the homeowner makes more than $600 in total interest on multiple mortgages owned, Form 1098 will not be filed for any interest payment below $600 made on a single mortgage.
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