What Is Form 1098: Mortgage Interest Statement?

Form 1098 Explained in Less Than 5 Minutes


IRS Form 1098 is a mortgage interest statement. It's a tax form used by businesses and lenders to report mortgage interest paid to them of $600 or more.

Happy couple in an empty home accepts keys to the new home

Drazen Zigic / Getty Images

Definition and Examples of Form 1098

Form 1098 reports to the IRS mortgage interest that a lender or business has received throughout the year. It's used when interest paid for the year totals $600 or more. You may receive the interest from an individual or sole proprietor in the course of running your trade or business, or you may have paid the interest as the consumer.

IRS Form 1098: Mortgage Interest Statement

Who Uses Form 1098?

Doug Jackson, a Certified Financial Planner (CFP) and Enrolled Agent with the IRS, explained to The Balance via email that the 1098 Form is used by lenders to report mortgage interest payments, as well as mortgage insurance premiums, points, and more to the IRS. The information is reported directly to the IRS and to taxpayers.

You might receive more than one Form 1098, depending on the number of mortgages on which you pay interest. It’s common to receive more than one of these forms if you refinanced your property during the tax year: one from the first lender and one from the new lender.


You are not required to file Form 1098 if you earn interest from a personal residence.

Form 1098 will help you if you plan to itemize your deductions so that you can claim the mortgage interest deduction.

Types of Form 1098

There are a few types of Form 1098. It can be helpful to understand the differences between them when you prepare your tax return. 

Form 1098-E

You will receive a Form 1098-E, the Student Loan Interest Statement, if you made student loan payments. You may be eligible to claim a tax deduction for a portion of the interest you paid.


For tax year 2021, federal loan servicers are required to report payments on IRS Form 1098-E by Jan. 31, 2022, if interest received from the borrower in 2021 was $600 or more.

Form 1098-T

Form 1098-T, the Tuition Statement, reports tuition expenses paid by students. This form can lead to a tax credit or it might be an adjustment to taxable income. Eligible educational institutions will file a 1098-T form for every student who is enrolled who makes a reportable transaction.

Insurers also file the 1098-T if they made any refunds or reimbursements to students for qualified tuition and education expenses.

Form 1098-C

Donee organizations must file Form 1098-C for any contributions of qualified vehicles with a claimed value of more than $500. Qualified vehicles include those that are primarily manufactured to drive on a road, highway, or public street. Boats and airplanes also qualify.

Form What It’s Used For
1098 Mortgage interest
1098-E Student loan payment interest
1098-T Tuition expenses
1098-C Qualified vehicle donations

Where To Get Form 1098

You’ll likely get Form 1098 in the mail along with your other tax forms, Jackson said. These forms are sent out by mortgage lenders usually well in advance of the deadline for when taxes need to be filed.

What To Do If You Don’t Receive Form 1098

Jackson recommends calling your mortgage lender to inquire about Form 1098 if you don’t receive it in the mail. You might also create an online account with your lender to check your statements and history. You may be able to download it from an online portal.

Can Form 1098 Be E-Filed?

Yes, businesses and lenders can e-file Form 1098. The company must have access to software that generates a file according to the specifications in IRS Publication 1220. The IRS doesn’t provide a fill-in form option for businesses.


Businesses may want to e-file rather than submit paper statements because filing Form 1098 electronically is typically easier and helps prevent mathematical errors while carrying info over to your Schedule A, Jackson said.

How To File Form 1098

You should submit any Forms 1098 you receive when you file your annual tax returns. Whether you file your taxes yourself with online software or work with a tax advisor or accountant, Form 1098 is easy to file. Just plug in some numbers and double-check it for accuracy, Jackson said.

Benefits of Form 1098

Jackson said Form 1098 is one of the more straightforward forms you will run into when you're filing and paying your taxes.

“Unlike Form 1040, which aggregates information for the entire tax return, Form 1098 is simply used to report information,” Jackson said. “Given its simplicity, I can’t think of any issues I’ve had with Form 1098. As long as the information on the form is reported correctly by the lender and taxpayer to the IRS, there should be no issues.”

Key Takeaways

  • Form 1098 is issued to homeowners by mortgage lenders to report mortgage interest payments and other payments like mortgage premiums.
  • Businesses must file Form 1098 if they receive $600 or more in mortgage interest from an individual in a year.
  • Other 1098 forms report tuition and student loan interest paid, as well as certain charitable contributions.
  • Form 1098 is relatively straightforward for homeowners and shouldn’t cause any complications come tax season.
Was this page helpful?
The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. Read our editorial process to learn more about how we fact-check and keep our content accurate, reliable, and trustworthy.
  1. IRS. "About Form 1098, Mortgage Interest Statement." Accessed Feb. 3, 2022.

  2. IRS. "Instructions for Form 1098." Accessed Feb. 3, 2022.

  3. IRS. "Form 1098-E, Student Loan Interest Statement," Page 4. Accessed Feb. 3, 2022.

  4. Federal Student Aid Office. "(LOANS-22-03) Loan Servicing Information - Reporting Student Loan Interest Payments for 2021." Accessed Feb. 3, 2022.

  5. IRS. "About Form 1098-T, Tuition Statement." Accessed Feb. 3, 2022.

  6. IRS. "About Form 1098-C, Contributions of Motor Vehicles, Boats, and Airplanes." Accessed Feb. 3, 2022.

  7. IRS. "Form 1098, Mortgage Interest Statement." Page 6. Accessed Feb. 3, 2022.

Related Articles