When is Form 1098 required?
1098The Form 1098, Mortgage Interest Statement, is used to report interest that a taxpayer has paid on his or her mortgage. Mortgage interest is tax-deductible on the federal tax return, unless the taxpayer is subject to the Alternative Minimum Tax.
o 1098-C: Contributions of Motor Vehicles, Boats, and Airplanes
o 1098-E: Student Loan Interest Statement
o 1098-T: Tuition Statement
Circular 230 Disclaimer"Nothing in this guide is intended or written to be used, and cannot be used by any person for the purpose of avoiding tax penalties regarding any transactions or matters addressed herein. You should always seek advice from independent tax advisors regarding the same."