1098
Business & Finance abbreviation · Tax
| Stands for | Mortgage Interest Statement (IRS Form 1098) |
|---|---|
| Categories | Business & Finance |
1098 stands for Mortgage Interest Statement (IRS Form 1098), a tax abbreviation.
Mortgage lenders and servicers send this statement to borrowers who paid $600 or more in mortgage interest during the year; it also shows points paid on a purchase and often property taxes paid from escrow. Homeowners who itemize use it to claim the mortgage interest deduction.
Example: The servicer's 1098 shows $14,200 of interest, which is more than half my standard deduction.
Usage notes
Interest is deductible only on up to $750,000 of acquisition debt for loans taken after December 15, 2017, a limit made permanent in 2025. Because the standard deduction roughly doubled in 2018, most homeowners no longer itemize, so the 1098 often has no effect on their tax. A loan sold mid-year can produce a separate 1098 from each servicer.
Related abbreviations
More tax abbreviations
- 1040-NR – U.S. Nonresident Alien Income Tax Return (IRS Form 1040-NR)
- 1040-SR – U.S. Tax Return for Seniors (IRS Form 1040-SR)
- 1040-X – Amended U.S. Individual Income Tax Return (IRS Form 1040-X)
- 1041 – U.S. Income Tax Return for Estates and Trusts (IRS Form 1041)
- 1065 – U.S. Return of Partnership Income (IRS Form 1065)
- 1095-A – Health Insurance Marketplace Statement (IRS Form 1095-A)
- 1098-E – Student Loan Interest Statement (IRS Form 1098-E)
- 1098-T – Tuition Statement (IRS Form 1098-T)
- 1099 – IRS Form 1099 information return series
- 1099-B – Proceeds From Broker and Barter Exchange Transactions (IRS Form…
- 1099-DA – Digital Asset Proceeds From Broker Transactions (IRS Form 1099-DA)
- 1099-DIV – Dividends and Distributions (IRS Form 1099-DIV)