Which form reports mortgage interest that qualifies for the deduction?

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Multiple Choice

Which form reports mortgage interest that qualifies for the deduction?

Mortgage interest deduction relies on documentation from the lender showing how much interest you actually paid during the year. The form that reports that mortgage interest is Form 1098, Mortgage Interest Statement. Your lender sends you this form (and to the IRS) by late January, listing the interest paid on your home loan for the year (and may also note points or mortgage insurance). You use the amount on this form when you itemize deductions on Schedule A to claim the mortgage interest deduction. Other forms serve different purposes: Form 1099-INT reports interest you received, Form W-2 reports wages, and Form 4868 is an extension request to file. So Form 1098 is the one that reports the mortgage interest eligible for deduction.

Mortgage interest deduction relies on documentation from the lender showing how much interest you actually paid during the year. The form that reports that mortgage interest is Form 1098, Mortgage Interest Statement. Your lender sends you this form (and to the IRS) by late January, listing the interest paid on your home loan for the year (and may also note points or mortgage insurance). You use the amount on this form when you itemize deductions on Schedule A to claim the mortgage interest deduction. Other forms serve different purposes: Form 1099-INT reports interest you received, Form W-2 reports wages, and Form 4868 is an extension request to file. So Form 1098 is the one that reports the mortgage interest eligible for deduction.

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