Instructions For Form 1098 - 2017
ADVERTISEMENT
1
2
3
4
5
62017
Department of the Treasury
Internal Revenue Service
Instructions for Form 1098
Mortgage Interest Statement
Section references are to the Internal Revenue Code
You can get the general instructions at
General
unless otherwise noted.
Instructions for Information
Returns.
Future Developments
Specific Instructions
For the latest information about developments related to
Use Form 1098, Mortgage Interest Statement, to report
Form 1098 and its instructions, such as legislation
mortgage interest (including points, defined later) of $600
enacted after they were published, go to
or more received by you during the year in the course of
form1098.
your trade or business from an individual, including a sole
What's New
proprietor. Report only interest on a mortgage, defined
later.
Mortgage insurance premiums (MIP). At the time
File a separate Form 1098 for each mortgage. The
these instructions went to print, Congress had not
$600 threshold applies separately to each mortgage, so
extended the applicability of section 163(h)(3)(E) to
you are not required to file Form 1098 for a mortgage on
provide for the deductibility of MIP for 2017. To see if the
which you have received less than $600 in interest, even if
applicability of this provision had been extended, and
an individual paid you over $600 in total on multiple
therefore reporting is required, go to
mortgages. You may, at your option, file Form 1098 to
form1098.
report mortgage interest of less than $600, but if you do,
New box 10, number of mortgaged properties. Filers
you are subject to the rules in these instructions.
must report the number of properties in excess of one (1)
If an overpayment of interest on an adjustable rate
that secure a single mortgage. See the instructions for
mortgage (ARM) or other mortgage was made in a prior
box 10.
year and you refund (or credit) that overpayment, you may
Reminder
have to file Form 1098 to report the refund (or credit) of
the overpayment. See
Reimbursement of Overpaid
General Instructions. In addition to these specific
Interest, later.
instructions, you should also use the 2017 General
Also use Form 1098 to report MIP of $600 or more
Instructions for Certain Information Returns. Those
received by you during the calendar year in the course of
general instructions include information about the
your trade or business from an individual, including a sole
following topics.
proprietor, but only if section 163(h)(3)(E) applies. See the
Who must file (nominee/middleman).
instructions for box 5 on page 6.
When and where to file.
Electronic reporting requirements.
Exceptions
Corrected and void returns.
You need not file Form 1098 for interest received from a
Statements to recipients.
corporation, partnership, trust, estate, association, or
Taxpayer identification numbers.
company (other than a sole proprietor) even if an
Backup withholding.
individual is a co-borrower and all the trustees,
Penalties.
beneficiaries, partners, members, or shareholders of the
Other general topics.
payer of record are individuals.
Table
IF an obligation is...
THEN...
Incurred after 1987
It is a mortgage if real property that is located inside or outside the United States
secures all or part of the obligation.
1
Incurred after 1984 but before 1988
It is a mortgage only if secured primarily by real property.
In existence on December 31, 1984
It is not a mortgage if, at the time the obligation was incurred, the interest recipient
reasonably classified the obligation as other than a mortgage, real property loan, real
estate loan, or other similar type of obligation.
2
This applies even though the interest recipient classifies the obligation as other than a mortgage, for example, as a commercial loan.
1
For example, if an obligation incurred in 1983 was secured by real property, but the interest recipient reasonably classified the obligation as a commercial loan
2
because the proceeds were used to finance the borrower's business, the obligation is not considered a mortgage and reporting is not required. However, it is not
reasonable to classify those obligations as other than mortgages for reporting purposes if over half the obligations in a class established by the interest recipient are
primarily secured by real property.
Nov 10, 2016
Cat. No. 27977Q
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial