What is a Form 1098 mortgage interest statement and why do I need it?

IRS Form 1098 details interest paid on a loan in the past calendar year. The form includes:

• Lender's name, address, phone number, and taxpayer identification number

• Primary mortgagor's name, address, and taxpayer identification number

• Amount of mortgage interest paid to and received by the lender

• The total amount of outstanding mortgage principal

• Mortgage origination date (i.e., your closing date)

• Amount refunded in overpaid interest, if applicable

• Mortgage insurance premiums paid

• Points paid on the purchase of a principal residence (one point is equal to one percent of the total amount of your mortgage)

• Property address or description

• Number of properties securing the mortgage

• Date mortgage acquired by the lender