1098 - Overview
Use Form 1098, Mortgage Interest Statement, to report mortgage interest (including points, defined later) of $600 or more you received during the year in the course of your trade or business from an individual, including a sole proprietor. Report only interest on a mortgage, defined later.
File a separate Form 1098 for each mortgage. The $600 threshold applies separately to each mortgage, so you are not required to file Form 1098 for a mortgage on which you have received less than $600 in interest, even if an individual paid you over $600 in total on multiple mortgages. You may, at your option, file Form 1098 to report mortgage interest of less than $600, but if you do, you are subject to the rules in these instructions.
If an overpayment of interest on an adjustable rate mortgage or other mortgage was made in a prior year and you refund (or credit) that overpayment, you may have to file Form 1098 to report the refund (or credit) of the overpayment. See Reimbursement of Overpaid Interest, later.
Also use Form 1098 to report mortgage insurance premiums (MIP) of $600 or more you received during the calendar year in the course of your trade or business from an individual, including a sole proprietor, but only if section 163(h)(3)(E) applies. See the instructions for Box 5. Mortgage Insurance Premiums , later.
Deadlines
- January 31st is the last day to deliver forms to recipients.
- March 31st is the last day to submit filings.
If a deadline falls on a weekend or holiday, it will be extended to the next business day. A 30-day extension is generally available for both of the deadlines above.
Resources
- Standard Account Owner/Account - CSV Ingestion Template Guide
- 1098 - Form Data CSV Ingestion Template Guide
Data Requirements
See below for all of the required data elements for completing Form 1098 reporting.
Filing Entity
The legal entity responsible for issuing the forms is the filing entity. The following information must be provided through the Taxbit Dashboard.
For more information on Filer setup, please refer to this guide: Filer Setup
|
Field name |
Required |
|
Name |
Required |
|
Address |
Required |
|
Tax Residency |
Required |
|
US TIN |
Required |
|
Contact Phone Number |
Required |
Please note: If there are multiple filers, please ensure that you are using the correct filer ID for the associated account(s).
Account Owner / Account
For ingestion purposes, the only data point required to create/update an Account Owner is the Account ID. This allows you to add all of your users to the Dashboard, even while you may still be collecting additional information. There will be reports available in the Dashboard to let you know if something is missing for an Account that is eligible for a tax form.
For more information on formatting the Account Owner/Account CSV templates, please refer to this guide: Standard Account Owner/Account - CSV Ingestion Template Guide
The following table, however, summarizes the required fields needed to complete the Form 1098.
|
Field Name |
Required |
|
Account Owner ID |
Only required if you have Account Owners with multiple Accounts |
|
Account ID |
Required |
|
Name |
Required |
|
Joint Account Name |
If Applicable |
|
Address |
Required |
|
Tax Residency |
Presumed US if unavailable |
|
TIN |
Required |
|
Filer ID |
Only required if you have multiple Filers |
Please Note: There are other fields on the Account Owner / Account model that are not listed here, as they are not required for 1098 reporting.
Form Data
1098 uses Form Data rather than transaction data. Form Data should contain the final values to be reported on the form. There should typically be a single row for each Account, although multiple rows for the same Account are accepted when needed.
For more information on formatting the 1098 Form Data CSV template, please refer to this guide: 1098 - Form Data CSV Ingestion Template Guide
|
Field Name |
Required |
|
Account ID |
Required |
|
Mortgage interest received from payer(s)/borrower(s)* (Box 1) |
At least one of the interest, refund, premium, or point amounts (Boxes 1, 4, 5, or 6) must be greater than zero |
|
Refund of overpaid Interest (Box 4) |
|
|
Mortgage insurance Premiums (Box 5) |
|
|
Points paid on purchase of principal residence (Box 6) |
|
|
Outstanding mortgage Principal (Box 2) |
Required |
|
Mortgage origination date (Box 3) |
Required |
|
If the address of the property securing the mortgage is the same as the payer’s or borrower’s address, the box is checked (Box 7) |
If applicable |
|
Address or description of property securing mortgage (Box 8) |
If applicable |
|
Number of properties securing the mortgage (Box 9) |
If applicable |
|
Other (Box 10) |
If applicable |
|
Mortgage acquisition date (Box 11) |
If applicable |