   
|
|
|
|
|
|
| |
Form 1098 is an IRS tax form filed by entities (individuals or businesses) to report mortgage interest amounts received during the tax year in the course of doing business. Form 1098 must be provided to taxpayers by mortgage lenders if a minimum amount of mortgage interest (set by the IRS) is received by the lender during the tax year (e.g. $600 in 2010). Taxpayers can include the information provided on Form 1098 on their yearly federal income taxes to determine the amount of deductions, if any, that can be used. A separate Form 1098 must be sent to taxpayers for each property that associated with an amount of mortgage interest above that minimum threshold. It is important to note that the Form 1098 filing requirements also apply to individuals who are not in the lending business, provided mortgage interest is received in the course of doing business. On the contrary, if an individual receives mortgage interest outside of a business or trade activity (e.g. as a result of mortgaging a personal residence), filing Form 1098 is not required. In addition to the standard Form 1098, there are three variations of Form 1098. They include:
Form 1098-C: Contributions of Motor Vehicles, Boats and Airplanes
Form 1098-E: Student Loan Interest Statement
Form 1098-T: Tuition Statement
Rate this Form 1098 definition...
|
|
|
|
 |
Where is the market headed? The answer may surprise you. Find out
with the exclusive & Barron's recommended charts of Chart of the Day. |
|
Popular Terms: in escrow, stock split, deferred revenue, implied volatility, cancelled check, FICO score, wholly-owned subsidiary, required rate of return, phantom income, 401a, risk management, average price per share, annual return, margin rate, 144a, ex-dividend, 1031 exchange, ex-dividend date, class C shares, covered put, liquidity ratio, retained earnings, debt service coverage, VIX, current ratio, open position, diluted share, option premium, balance sheet, limit order, deferred tax, inflation, reverse mortgage, 1035 exchange, FTSE, LIBOR, per diem, dividends payable, stock market close, irrevocable trust, Key Rate Duration, APR, real GDP, EBITDA, minority interest, labor relations, Zero Cost Collar, quality assurance, command economy
|
|
| |
