Form 1098, the Mortgage Interest Statement, is filed by a lender or anyone else who receives $600 or more of mortgage interest from an individual on one mortgage in the course of a trade or business. As of October 2026, the borrower gets a copy to use on their own return, and the lender files the same figures with the IRS.
If you've got a mortgage, Form 1098 is the slip that shows how much interest you paid. If you run a business that finances property, you may have to issue it. Facts below are from the IRS's current Form 1098 instructions (12/2026), the version for 2026 information filed in early 2027.
Who has to file Form 1098
The test is whether you received the interest in the course of a trade or business, not whether you're a bank. The instructions give two examples:
- A real estate developer who finances a buyer's home in its own subdivision must file, even though it isn't in the lending business.
- A physician who sells their own former home and takes mortgage payments from the buyer doesn't, because the interest isn't received in the course of their medical business.
Government units, cooperative housing corporations and others are covered too. You don't file for interest received from a corporation, partnership, trust, estate or association.
The $600 test works per mortgage
The $600 threshold applies separately to each mortgage. If one borrower pays you $400 on one mortgage and $400 on another, neither needs a Form 1098, even though the total is over $600. You can choose to report less than $600, but then the usual reporting rules apply. Mortgage insurance premiums follow the same mortgage-by-mortgage rule.
What each box means
| Box | What it shows |
|---|---|
| 1 | Mortgage interest received from the borrower(s) |
| 2 | Outstanding mortgage principal as of January 1 (or the date the loan was taken out or acquired that year) |
| 3 | Mortgage origination date |
| 4 | Refund of overpaid interest |
| 5 | Mortgage insurance premiums of $600 or more, where the law allows them to be reported |
| 6 | Points paid on the purchase of the borrower's main home |
| 7 and 8 | Address or description of the property securing the mortgage |
| 9 | Number of mortgaged properties |
| 11 | Mortgage acquisition date |
Box 5 is limited to qualified mortgage insurance: cover under a contract issued after December 31, 2006, from the Department of Veterans Affairs, the Federal Housing Administration or the Rural Housing Service, or private mortgage insurance as defined in the Homeowners Protection Act of 1998.
Points: when they go in box 6
The lender of record reports points paid on the purchase of the borrower's main home, and only if all the IRS conditions are met. The main ones:
- They're clearly labelled on the settlement statement or Closing Disclosure as points, for example loan origination fee, loan discount or discount points.
- They're worked out as a percentage of the loan amount.
- They're in line with what's normally charged in the area.
- They're paid to buy the borrower's main home, and the loan is secured by that home.
Two other rules trip lenders up. Interest a seller pays on the buyer's mortgage, such as a buy-down paid out of a developer's escrow account, doesn't go in box 1. And with several borrowers, you prepare Form 1098 only for the payer of record, and only if that person is an individual.
What counts as a mortgage here
A mortgage is any obligation secured by real property: land and generally anything built on it, growing on it or attached to it. If a mortgage takes the form of a line of credit or a credit card obligation, the interest (other than points) is reportable however you classified the loan. If a loan isn't secured by real property, you don't file Form 1098, even where the borrower may still deduct the interest, as with a boat that has sleeping space, cooking facilities and a toilet and is used as a home.
Deadlines
| Step | Deadline for 2025 forms (as published) |
|---|---|
| Send Copy B to the borrower | January 31 for most returns |
| File with the IRS on paper | March 2, 2026 |
| File with the IRS electronically | March 31, 2026 |
These are the dates in the IRS's general instructions for information returns as of October 2026. If you file 10 or more information returns of any type in a year, you must e-file, and that count isn't separate for each form. Four Forms 1098 plus six Forms 1099 make 10. Paper filers send Copy A with a Form 1096 transmittal.
You don't need special software to file. The IRS runs IRIS, an online portal for e-filing information returns, and Copy B can be filled in online as a PDF and sent to the borrower.
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Homeowners adding solar panels, heat pumps or new windows should read our guide to residential energy credits before filing.
For borrowers: checking your Form 1098
- Check box 1 against your own payment records for the year.
- Look at box 6 if you bought your home this year, since points can be reported there.
- Look at box 4: it shows any refund of overpaid interest the lender made.
- If the figures are wrong, ask the lender for a corrected form before you file.
Lenders often collect your taxpayer ID with a Form W-9 when the loan is set up, so make sure the name and number they hold are right.
My take
If you're a borrower, Form 1098 is the number your mortgage interest deduction starts from, so check it rather than trusting it. If you're a business that finances property, don't assume you're exempt because you're not a lender: the $600 per-mortgage test is what decides it, and the e-file rule counts every information return you file.
Student loans have their own statement, and our guide to the student loan interest statement shows which boxes feed the deduction.
Frequently asked questions
Do I need to file Form 1098 if I sold my house and carry the mortgage?
Not if you're not receiving the interest in the course of a trade or business. The IRS's own example says a private seller of a former home doesn't file.
Is the $600 limit per borrower or per mortgage?
Per mortgage. Two mortgages from one borrower with $400 of interest each don't need Form 1098.
When will I get my Form 1098?
Lenders must furnish it by January 31 for most returns, as of October 2026.
Does Form 1098 show mortgage insurance?
Box 5 shows qualified mortgage insurance premiums of $600 or more when the law allows them to be reported.
