Written by the TaxPlain Editorial Team · Reviewed for accuracy · Last updated July 2026
⚠️ Educational only. TaxPlain does not provide tax, legal, or financial advice. Always consult a qualified tax professional about your specific situation.
What this is
Form 1098, officially called the Mortgage Interest Statement, is a document your mortgage lender sends you (and the IRS) after a year in which you paid interest on a home loan. It's not something you fill out yourself — it arrives already completed, listing exactly how much interest, and in some cases points and mortgage insurance premiums, you paid over the previous year.
The IRS uses Form 1098 as a matching tool. Your lender reports the same numbers to the IRS that they send to you, so if you claim a mortgage interest deduction on your return, the figures need to line up with what your lender reported. That's the whole purpose of the form: giving both you and the IRS a shared, verified starting point.
Form 1098 typically covers the tax year that just ended, meaning the one you receive in early 2026 reports interest paid during 2025. Lenders are required to prepare and send it for that prior calendar year, not the current one.
Who it affects
✓ Applies to
Homeowners who paid $600 or more in mortgage interest to a single lender during the year, including primary residences and second homes.
↑ Also applies to
Anyone with a second mortgage, home equity loan, or a mortgage that was sold or transferred to a new servicer mid-year — you may get more than one Form 1098.
📅 WHEN IT ARRIVES
Lenders are required to send Form 1098 by January 31 following the tax year it covers, so it should reach you by early-to-mid February. If your mortgage was transferred between servicers during the year, expect a separate form from each one, covering the portion of the year they held your loan.
Reading the form
What's in each box
Form 1098 is short, but the boxes aren't always self-explanatory. Here's what the main ones report, since these are the numbers you'll actually transfer to Schedule A if you itemize.
Box 1 — total mortgage interest received by your lender during the year. This is usually the number you'll actually use.
Box 2 — the outstanding principal balance on your mortgage as of January 1 of the reporting year. This is informational, not something you deduct.
Box 3 — the date your mortgage originated, useful for confirming which loan the form applies to if you have multiple.
Box 5 — mortgage insurance premiums paid, if applicable, though deductibility of this amount depends on current-year rules.
Box 6 — points paid when you purchased the home, which may be deductible in the year paid or spread over the life of the loan depending on your situation.
Box 10 — an "other" field some lenders use to report real estate taxes paid from an escrow account, though not every lender fills this in the same way.
Related forms often involved
Because mortgage interest only matters on your return if you itemize, Form 1098 tends to show up alongside a small cluster of other forms and schedules.
Schedule A — where the mortgage interest deduction actually gets claimed if you're itemizing deductions instead of taking the standard deduction.
Schedule E — used instead of Schedule A if the mortgage is on a rental property rather than your personal residence.
Form 1098-T — a completely different form covering tuition payments for education credits, not mortgage interest.
Form 1098-E — another separate form, this one for student loan interest.
Common mistakes to avoid
⚠️ Mixing up the 1098 family
Form 1098, 1098-T, and 1098-E all share the same base number but report entirely different things — mortgage interest, tuition, and student loan interest, respectively. Grabbing the wrong one when preparing a return is a common and avoidable error.
⚠️ Itemizing when it doesn't help
Plenty of people receive a Form 1098 every year but would actually come out ahead taking the standard deduction instead. Having the form doesn't automatically mean itemizing is the better move.
What to do right now
Compare the interest amount in Box 1 against your own mortgage statements to make sure it looks right, then figure out whether itemizing on Schedule A actually beats your standard deduction this year before entering anything. If you refinanced or switched servicers, hold onto every Form 1098 you receive — you'll likely need to combine figures from more than one.
Questions to ask your tax professional
01Based on my numbers, does itemizing with this mortgage interest actually beat the standard deduction?
02I received Form 1098 from two different servicers this year — how do I combine them?
03Are the points I paid when I bought my home fully deductible this year, or spread out?
04Is my mortgage insurance premium in Box 5 deductible under current rules?
05Does the loan amount reported affect how much interest I'm allowed to deduct?
Frequently asked questions
What is Form 1098 used for?
Form 1098 (Mortgage Interest Statement) reports how much mortgage interest, points, and mortgage insurance premiums you paid to a lender during the year. Lenders send one copy to you and one to the IRS, and the numbers on it are used to fill out the mortgage interest deduction on Schedule A if you itemize.
Who sends me a Form 1098?
Any mortgage lender, bank, or loan servicer who received $600 or more in mortgage interest from you during the year is generally required to send you a Form 1098. If you have more than one mortgage or your loan was sold or transferred mid-year, you may receive more than one.
Is Form 1098 the same as Form 1098-T?
No. Form 1098 reports mortgage interest paid on a home loan. Form 1098-T reports tuition payments for education credits, and Form 1098-E reports student loan interest. All three share the 1098 numbering but cover completely different situations.
Do I need Form 1098 to file my taxes?
You only need the numbers from Form 1098 if you plan to itemize deductions on Schedule A and claim the mortgage interest deduction. If you take the standard deduction instead, you don't need to enter anything from the form, though it's still worth keeping for your records.
What if I didn't receive a Form 1098?
If you paid less than $600 in mortgage interest to a lender, they aren't required to send a Form 1098, but you may still be able to claim the interest if you itemize. If you believe you should have received one and didn't, contact your loan servicer directly.