SUBSTITUTE 1098

You may or may not be required to file forms 1098 and 1096 with the IRS. It depends on how many notes you own.

However it is good business practice to let your borrower(s) know the amounts so they can properly claim it on their tax return.

If you ARE required to file forms 1098 and 1096 with the IRS, you will need to obtain the latest forms from the IRS and transfer the information over from this Substitute 1098. If you own enough mortgages you will be required to file electronically. For information about electronic filing, speak to your CPA or go to: www.irs.gov.

We do not fill these forms in here as they can change from year to year.

The amount you are interested in for your borrower is the Total Interest Received.

Find the information needed to fill in the Substitute 1098 form