Understanding Your 1098 Mortgage Interest Statement

At HomeLoanServicio, we know tax season can feel overwhelming — but we’re here to make it a little easier. Each year, we send you a 1098 Mortgage Interest Statement, which shows the total mortgage interest you paid in the previous calendar year. Along with this, you’ll get a transaction history of your account activity so you can see everything in one place.

Think of your 1098 as a helpful snapshot for tax time: it shows key numbers you might use for deductions and keeps you organized. In this post, we’ll break down exactly what the 1098 is, how you can access it, and a few important tips to keep in mind before you file your taxes.

What Is a 1098 Statement?

HomeLoanServicio mails all borrowers a 1098 statement by January 31st each year. It includes a full transaction history of your account activity for the previous calendar year.

The 1098 information is usually available in our system around the same time as the deadline, so you can check it online and even see previous years if applicable.

Important Tax Information

Here’s what you need to know about using your 1098 for taxes:

• Typically, the only items you can itemize on your tax return are:
  • Property taxes paid
  • Mortgage interest paid (up to 13 months in the calendar year)
• The 1098 form does not get sent to the IRS with your tax return, so you don’t need the physical form to file.

Key Takeaways

• Your 1098 is a helpful summary of mortgage interest paid and account activity for the year.
• You can access it online or request copies from our archives.
• Be sure to read the back of the 1098 statement. It will include the instructions, along with other extra details you should review.
• You don’t need the physical form to file your taxes, but keep it handy for your records.
• For older statements or corrections, HomeLoanServicio is here to help.