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I paid mortgage interest, but I did not receive a 1098. How should I go about figuring how much I can deduct?

 
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Category : > Income Tax Filing Across The USA
Posted On : Fri Nov 26th,2010

 
I paid mortgage interest, but I did not receive a 1098. How should I go about figuring how much I can deduct?
 

I paid mortgage interest, but I did not receive a 1098. How should I go about figuring how much I can deduct?

In this situation the first thing to do is to try to contact the institution where the interest was earned and ask them to issue or re-issue the 1098. If that is not possible, calculate the interest paid based on the statements that were issued or based on your own records.

Example: A taxpayer makes monthly payments of $2,000 on her house but can not find the 1098 stating how much interest was paid. The taxpayer contacts the lender and asks for a copy of the 1098 so she will have the exact amount to report.

  


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