Form 1098- Mortgage Interest Statement
A mortgage is any obligation secured by real property. Real property is land and generally anything built on it, growing on it or attached to the land.
Mortgage interest is one of the major deductions available to personal taxpayers. Taking this deduction means taxpayers can lower their taxable income for the year. But they must itemize their deductions rather than take the standard deduction option. And there are certain conditions borrowers must meet in order to qualify for the deduction.
If the loan is not secured by any real property, then you are not required to file Form 1098.
The copy of Form 1098 is below.
