1098 Mortgage Interest Statement (Taxes) - Definition, Examples, Advice | Bolder Money

1098 Mortgage Interest Statement 1098 Mortgage Interest Statement

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Definition

A yearly form from your mortgage lender that shows how much interest you paid on your home loan. This can help you claim a mortgage interest deduction when you do your taxes.

What to consider

Keep it tucked away with your tax records so it’s easy to find when filing.
Notice how the interest changes year to year—it might signal if refinancing could help.
A neat copy can save you a lot of stress during tax season.

Real world scenarios

Diana receives her 1098 form in January and realizes she can claim the mortgage interest as a deduction. She files her taxes confidently, knowing the reported interest will reduce her taxable income.
Louis double-checks the interest amount on his 1098 against his monthly statements. He spots a small discrepancy and contacts his lender to correct the form before filing.
Carla keeps every year's 1098 in a separate folder to track how her interest portion decreases as she pays down the principal. This record helps her see long-term patterns in her mortgage costs.

Related terms

Taxes

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