# Form 1098: Mortgage Interest Statement and How To File

![A mother and daughter standing in front of their home. ](https://www.investopedia.com/thmb/kQXL4qIR1dB14VnONMe78AF8uhw=/1500x0/filters:no_upscale():max_bytes(150000):strip_icc()/GettyImages-844233494-fa55f07d598f4f698e166d4727baad51.jpg)

*— MoMo Productions / Getty Images*

## What Is Form 1098: Mortgage Interest Statement?

Form 1098 is a tax document that homeowners will receive if they pay $600 or more in [mortgage interest](https://www.investopedia.com/terms/m/mortgageinterest.asp) over the course of a year. Your mortgage lender will send you a copy of Form 1098 so you can prepare to file your annual taxes.  

Form 1098 will include the information such as:

*   Your name and [taxpayer identification number](https://www.investopedia.com/terms/t/tax-indentification-number-tin.asp) (TIN)
*   Your address
*   The name of your lender and its TIN
*   Your lender's address
*   Number of properties securing the mortgage
*   Amount of mortgage interest paid
*   Outstanding mortgage principal
*   Refund of overpaid interest
*   Mortgage insurance premiums
*   Points paid on purchase of principal residence

### Key Takeaways

*   A Form 1098 mortgage interest statement is a tax form that details the amount of interest, insurance premiums, and points that a borrower pays on a mortgage.
*   Lenders send Form 1098 to mortgage borrowers and to the IRS.
*   If you receive a Form 1098, you can use it to potentially deduct the mortgage interest that you paid when you file your yearly taxes.
*   There are other 1098 forms that you might receive to report tax-deductible payments, such as student loan interest or tuition payments.  
    

## Who Receives Form 1098?

Mortgage lenders will send a Form 1098 to the IRS and a copy to the primary borrower of a mortgage.  

Lenders are required to send this form when you pay $600 or more in interest. If you pay less than $600 in interest, you may not receive a Form 1098.

If you have more than one [mortgage](https://www.investopedia.com/terms/q/qualified-mortgage.asp), you will receive a separate Form 1098 for each one.

### Rules for Deducting Mortgage Interest

The IRS has rules that dictate how you can deduct mortgage interest on your taxes.

*   Your home must be considered qualified in order to take advantage of this tax deduction. The home must be your main residence or a second home. It must have facilities for sleeping, cooking, and going to the bathroom.
*   Your mortgage must be a secured debt.
*   You can deduct interest paid on the first $750,000 of your mortgage.
*   If you are married filing separately, you can deduct interest paid on the first $375,000 of your mortgage.
*   If you mortgage predates Dec. 16, 2017, the limits are higher: $1 million and $500,000 for married filing separately.  
    

### Note

The [Tax Cuts and Jobs Act (TCJA)](https://www.investopedia.com/taxes/trumps-tax-reform-plan-explained/) of 2017 changed the maximum mortgage amount eligible for interest deduction.

![Form 1098 Mortgage Interest Statement](https://www.investopedia.com/thmb/1cgL0Yz4cKh8Kk4HagESO39QTdI=/1500x0/filters:no_upscale():max_bytes(150000):strip_icc()/Form1098-30d7d922c32748bea2a293a28fbbe778.jpg)

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## How To Claim a Mortgage Interest Deduction

If you plan to claim your mortgage interest payment as a tax deduction:

*   Verify that all information on the Form 1098 you receive from your lender is accurate.
*   You will find the amount of mortgage interest you paid in Box 1 on Form 1098.
*   You will prepare to file [Form 1040](https://www.investopedia.com/terms/1/1040.asp) or Form 1040-SR.
*   All itemized deductions, including your mortgage interest, will be reported on [Schedule A](https://www.investopedia.com/terms/s/schedulea.asp). Your mortgage interest will go on line 8a.  
    

### Mortgage Points

[Mortgage points](https://www.investopedia.com/mortgage/mortgage-rates/points/) are a fee you pay your lender to lower your interest rate. You may be able to deduct mortgage points, which will also be listed on Form 1098.

Taxpayers have the option to decide between [itemized deductions](https://www.investopedia.com/articles/taxes/08/itemized-deductions-overview.asp) and the [standard deduction](https://www.investopedia.com/terms/s/standarddeduction.asp). If your mortgage interest and other itemized deductions result in a lower taxable income, the itemized option will save you more on your taxes than the standard deduction.  

[Download Now](https://www.irs.gov/pub/irs-pdf/f1098.pdf)

## Other 1098 Tax Forms

There are a number of 1098 tax forms in addition to the mortgage interest statement. Each of these forms relates to a specific type of potential tax deduction.  

### Form 1098-C

Form 1098-C relates to the donation of a motor vehicle, boat, or airplane. If a taxpayer donates a qualified vehicle valued at more than $500, the charitable organization that receives it will file a Form 1098-C with the IRS. The taxpayer will receive a copy of the form and potentially be able to claim a tax deduction.

### Form 1098-E

Student loan servicers send out a copy Form 1098-E to borrowers who have paid $600 or more in student loan interest. The IRS will also receive the form. Taxpayers may be able to deduct a portion of the interest paid on their tax returns.

### Form 1098-T

Educational institutions file a Form 1098-T for each student they enroll who pays qualified tuition and related expenses. The IRS and the student each receive a copy. Students can use this form to claim deductions and [education tax credits](https://www.investopedia.com/terms/e/education-credit.asp), such as the [American Opportunity Tax Credit (AOTC)](https://www.investopedia.com/terms/a/american-opportunity-tax-credit.asp) or [Lifetime Learning Credit (LLC)](https://www.investopedia.com/terms/l/lifelearningcredit.asp), on their taxes.

### Form 1098-MA

Form 1098-MA is another tax form that relates to mortgage interest paid. Specifically, this form reports how much a homeowner received in mortgage assistance payments via the Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets (HFA Hardest Hit Fund).

Taxpayers use Form 1098-MA to determine how much mortgage interest is tax deductible. That amount changes when you receive mortgage payment assistance.  

## The Bottom Line

If you are a homeowner and you paid interest on your mortgage or mortgage points, you may be able to claim a tax deduction. Your mortgage lender will send you a Form 1098, which you can use to calculate a potential deduction. You will have to follow the specific IRS rules regarding mortgage interest deductions.

If you receive other 1098 forms, you have additional potential itemized deductions to claim on your taxes.  

> **Article Sources**
>
> 1.  IRS. "[About Form 1098, Mortgage Interest Statement](https://www.irs.gov/forms-pubs/about-form-1098)."
>     
> 2.  IRS. "[Form 1098](https://www.irs.gov/pub/irs-pdf/f1098.pdf)."
>     
> 3.  IRS. "[Instructions for Form 1098 (01/2022)](https://www.irs.gov/instructions/i1098)."
>     
> 4.  IRS. "[Publication 936 (2024), Home Mortgage Interest Deduction](https://www.irs.gov/publications/p936)."
>     
> 5.  Tax Foundation. "[Reviewing How TCJA Impacted Mortgage Interest and State and Local Tax Deductions](https://taxfoundation.org/blog/mortgage-interest-deduction-tcja/)."
>     
> 6.  IRS. "[Topic no. 504, Home mortgage points](https://www.irs.gov/taxtopics/tc504)."
>     
> 7.  IRS. "[About Form 1098-C, Contributions of Motor Vehicles, Boats, and Airplanes](https://www.irs.gov/forms-pubs/about-form-1098-c)."
>     
> 8.  Federal Student Aid. "[How Can I Get my 1098-E Form?](https://studentaid.gov/help-center/answers/article/how-can-i-get-my-1098e-form)"
>     
> 9.  U.S. Department of Education. "[1098-E Tax Form](https://www.ed.gov/higher-education/manage-your-loans/_098-e-tax-form)."
>     
> 10.  IRS. "[About Form 1098-T, Tuition Statement](https://www.irs.gov/forms-pubs/about-form-1098-t)."
>      
> 11.  IRS. "[Education Credits: Questions and Answers](https://www.irs.gov/credits-deductions/individuals/education-credits-questions-and-answers)."
>      
> 12.  IRS. "[About Form 1098-MA, Mortgage Assistance Payments](https://www.irs.gov/forms-pubs/about-form-1098-ma)."
>      
> 13.  Intuit Accountants. "[Understanding Form 1098-MA Mortgage Assistance Payments in ProConnect Tax](https://accountants.intuit.com/support/en-us/help-article/form-1098/understanding-form-1098-mortgage-assistance/L0TGjG90E_US_en_US)."