Form 1098

DEFINITION of 'Form 1098'

A form filed with the Internal Revenue Service (IRS) that details the amount of interest and mortgage-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. The mortgage lender is required by the IRS to provide this form to borrowers.

BREAKING DOWN 'Form 1098'

There are several additional 1098 Forms:

1. 1098-C details the donations of vehicles, boats and airplanes
2. 1098-E is for the interest paid on qualified student loans
3. 1098-T details tuition and related fees during the year.

Each of these forms is filed with the IRS and specific information or amounts on each of the forms are added into your tax return, which are used as deductions to reduce taxable income.

RELATED TERMS
  1. Form 4952: Investment Interest ...

    A tax form distributed by the Internal Revenue Service (IRS) ...
  2. IRS Publication 550

    A document published by the Internal Revenue Service (IRS) that ...
  3. IRS Form 4868

    An IRS form that must be submitted by individuals who wish to ...
  4. 1040EZ Form

    The 1040EZ is an alternative to the Internal Revenue Service's ...
  5. Tax Return

    1. The tax form or forms used to file income taxes with the Internal ...
  6. 1040 Form

    The standard Internal Revenue Service (IRS) form that individuals ...
Related Articles
  1. Savings

    Explaining Tax Returns

    A tax return is the form or forms used to file income taxes with the IRS.
  2. Taxes

    How & Where to File Form 1040 (And Which Version)

    All taxpayers need to know three things when filing a 1040: which form to use, how to file and where to file. After reading this, you'll know all three.
  3. Taxes

    6 Tax Forms for Investors Who Have Money Abroad

    If you're a U.S. citizen or resident, and you own assets in other countries, you might need to file these six forms with the government.
  4. Taxes

    What's IRS Form 1040 For?

    Most U.S. taxpayers will be familiar with the 1040. By the end of filling it out, you'll know how much tax you owe, or what your refund is.
  5. Professionals

    Taxable Income

    Taxable Income
  6. Taxes

    Get a 6-Month Tax Extension

    Discover how to get some extra time from the IRS, without paying a hefty penalty for the privilege.
  7. Taxes

    6 Sources For Free Tax Help

    From community-based services to free software, there are many free resources to help with your taxes.
  8. Taxes

    Employers: Don't Forget IRS Form 941

    Your obligations as an employer include various employment taxes. Use this form to report them.
  9. Taxes

    Next Season, File Taxes On Your Own

    Master these fundamentals and you'll be doing your own taxes with minimal stress.
  10. Taxes

    Explaining Taxable Income

    Taxable income is the net of gross income and allowable deductions.
RELATED FAQS
  1. Where on my 1040 form do I report AGI (adjusted gross income)?

    Learn more about IRS Form 1040 and your adjusted gross income, or AGI, which is the figure the IRS uses to figure your total ... Read Answer >>
  2. Are IRS penalties tax deductible?

    Learn about penalties assessed by the U.S. Internal Revenue Service and how the IRS does not taxpayers to deduct them on ... Read Answer >>
  3. What does the IRS say about what constitutes taxable income?

    Find out what the Internal Revenue Service, or IRS, considers to be taxable income and nontaxable income, including value ... Read Answer >>
  4. What's the difference between IRS Forms 1040EZ and 1040A?

    Two of the forms used for filing individual federal income tax returns are IRS Form 1040A and IRS Form 1040EZ (the third ... Read Answer >>
  5. What assets are taxable and what assets are not taxable?

    Adjust your taxable income by understanding what assets the IRS taxes. Learn about legal strategies to lower tax liability ... Read Answer >>
  6. Who needs to fill out IRS Form Schedule B?

    If you have several investments, there's a good chance you'll need to fill out a IRS Form Schedule B. Read Answer >>
Hot Definitions
  1. Law Of Demand

    A microeconomic law that states that, all other factors being equal, as the price of a good or service increases, consumer ...
  2. Cost Of Debt

    The effective rate that a company pays on its current debt. This can be measured in either before- or after-tax returns; ...
  3. Yield Curve

    A line that plots the interest rates, at a set point in time, of bonds having equal credit quality, but differing maturity ...
  4. Stop-Limit Order

    An order placed with a broker that combines the features of stop order with those of a limit order. A stop-limit order will ...
  5. Keynesian Economics

    An economic theory of total spending in the economy and its effects on output and inflation. Keynesian economics was developed ...
  6. Society for Worldwide Interbank Financial Telecommunications ...

    A member-owned cooperative that provides safe and secure financial transactions for its members. Established in 1973, the ...
Trading Center