Category: Finding Deductions
Interest You Paid - What to do when Interest is NOT Reported on Form 1098
If you did not receive a Form 1098 from the recipient (bank, mortgage lender, individual, etc.) of the mortgage interest that you paid, contact that recipient to determine if you will be receiving a 1098 for this interest. In most cases, home mortgage interest and points are reported to the payer on Form 1098. You may need to wait to receive this form before completing your return.
If you determine that you will not be receiving a Form 1098, this generally means that you bought your home from the recipient, and the recipient is the one that financed your mortgage. If this is the case, you are required to report that recipient's name, identifying number, and address when deducting this mortgage interest on your return. If the recipient is an individual, the identifying number is his or her social security number (SSN). Otherwise, it would be an employer identification number. If you do not show the required information about the recipient, you may have to pay a penalty to the IRS.