Investor Glossary-form 1098Investor Glossary-form 1098Investor Glossary-form 1098Investor Glossary-form 1098Insightful stock market charts - Click here
investor
Categories    # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Form 1098

The HTML to link to this page
 

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...

Learn about investing with the Investor Glossary Term of the Day


Click here for insightful stock market charts. 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: average price per share, quality assurance, 144a, VIX, limit order, inflation, labor relations, reverse mortgage, in escrow, diluted share, ex-dividend, wholly-owned subsidiary, APR, deferred tax, FTSE, 1031 exchange, ex-dividend date, per diem, open position, debt service coverage, retained earnings, margin rate, Zero Cost Collar, balance sheet, liquidity ratio, implied volatility, required rate of return, irrevocable trust, 401a, dividends payable, option premium, stock split, real GDP, Key Rate Duration, phantom income, FICO score, annual return, stock market close, 1035 exchange, cancelled check, command economy, EBITDA, deferred revenue, covered put, class C shares, current ratio, LIBOR, risk management, minority interest


Accounting | Banking | Bonds | Brokers | Economy | Futures | Mutual Funds | Options | Real Estate | Retirement | Stocks | Taxes | Technical Analysis
Home | Term of the Day | Suggest a Term | Chart of the Day | Dogs of the Dow
©2004-2015 Investor Glossary - All rights reserved - Terms of Use