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Category: 1098's

Form 1098: What do I do with my Mortgage Interest Statement?

 Home mortgage interest and points are generally reported to you on Form 1098, Mortgage Interest Statement, by the financial institution to which you made the payments for the current tax year. If this form shows any refund of overpaid interest, do not reduce your deduction by the refund. Instead, you generally report the amount of the refund as other income.

If you did pay any qualifying mortgage interest during the tax year on your main home, you can enter this in your TaxSlayer account. From the Your Account page, select Federal Section > Deductions > Enter Myself > Itemized Deductions > Mortgage Interest and Expenses.


If you paid mortgage interest for your rental home, you would enter the Mortgage Interest as an expense on your Schedule E. The entry would be made by selecting Federal Section > Income > Enter Myself > Rents and Royalties > Expenses > Mortgage Interest. 


If you lived in the home for part of the year and then converted the home to a rental, you will need to allocate the Mortgage Interest and claim a portion in both areas of the return.


For additional information:

What is a 1098
How can I find out if I paid mortgage insurance?
Can I take the Mortgage Interest Credit?
Can I take the Mortgage Interest Credit AND the deduction for mortgage interest that was reported on Form 1098 on the same return?