IRS Form 1098

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Form 1098

IRS Form 1098 is an information return used to report mortgage interest payments. It must be completed and sent to the IRS by mortgage lenders or servicers. The form contains information such as the name and address of the mortgage holder, the amount of interest paid, and other related information. The form is typically filed by the mortgage holder by the end of January of the following year. The form must be signed and dated by the mortgage holder and must include their Social Security number.

The data received from IRS Form 1098 is used by the IRS to determine whether a taxpayer has reported all of their mortgage interest payments accurately on their tax return. The information is used to verify the amount of mortgage interest that a taxpayer has claimed as a deduction on their tax return. The IRS may also use the information to identify any discrepancies in the amounts reported on the tax return.

To send and submit Form 1098, you should first complete it and then mail it to the address listed on the form. Make sure to include all of the information required by the form, including your name, address, and social security number. Once you have mailed the form, you should wait for the IRS to process it. Generally, the IRS should process the form within 8 to 10 weeks; however, it can take longer in some cases.