Feeling overwhelmed by tax forms? Let's demystify Form 1098, the key to unlocking potential tax deductions related to your mortgage interest payments. This form, officially titled "Mortgage Interest Statement," summarizes the amount of mortgage interest you paid during the tax year. You'll receive it from your mortgage lender if you paid at least $600 in interest.
Why is it important? Form 1098 allows you to potentially deduct mortgage interest on your tax return, reducing your taxable income. This can lead to significant tax savings, especially for homeowners. Make sure to keep this form handy when filing your taxes, and consult with a tax professional to maximize your deductions. Remember to verify the information on the form against your own records to ensure accuracy. Don't miss out on potential savings – understand your 1098!
