What is a 1098 form used for?

A 1098 form, the Mortgage Interest Statement, is an IRS document your lender sends reporting the mortgage interest you paid during the year. If you paid $600 or more, the lender files it with the IRS and sends you a copy. You use the Box 1 interest figure to claim the mortgage interest deduction on Schedule A if you itemize.

When should I receive my 1098 form?

Lenders generally send Form 1098 by January 31 for the prior tax year. You may receive it by mail or find it posted in your online mortgage account. If you paid $600 or more in interest and haven't received it by early February, check your lender's portal or contact your loan servicer.

Do I have to report 1098 on my taxes?

You only report Form 1098 if you plan to deduct mortgage interest, which requires itemizing on Schedule A. If you take the standard deduction, the 1098 doesn't change your return, though it's still worth keeping. You can generally deduct interest even if you paid under $600 and no form was issued, using your own records.

Does a 1098 help or hurt your taxes?

A 1098 can only help — it never raises your tax. The Box 1 mortgage interest it reports is a potential deduction, not income. It reduces your taxable income only if your total itemized deductions exceed the standard deduction; otherwise it has no effect. It is never something you owe tax on.

What is the difference between a 1098 and 1098-E?

Form 1098 reports mortgage interest you paid to a home lender. Form 1098-E reports student loan interest paid to a loan servicer. They are separate forms for separate deductions — mortgage interest goes on Schedule A if you itemize, while student loan interest is an above-the-line adjustment available even without itemizing.

How long should I keep my 1098 form?

Keep each year's 1098 for at least three years after filing to match the standard IRS audit window, and ideally seven. If you amortize points over the life of the loan or eventually sell the home, older 1098s and the origination date help substantiate your deductions and cost basis, so don't toss them the moment a tax year closes.

Tax

Form 1098 (Mortgage Interest Statement)

Form 1098, the Mortgage Interest Statement, is an IRS form your mortgage lender or loan servicer sends when you pay $600 or more in mortgage interest during the year. Box 1 reports the interest paid, which homeowners use to claim the mortgage interest deduction on Schedule A.

Lenders must file Form 1098 only when they receive $600 or more in mortgage interest from you during the year; the $600 threshold applies separately to each mortgage.

Source: IRS — About Form 1098

Written & maintained by the Granite team · Last updated June 2026

Overview

Form 1098 is a US IRS information return that reports the mortgage interest, points, and mortgage insurance premiums you paid on a home loan during the tax year. It is the document homeowners rely on to calculate the mortgage interest deduction if they itemize. Box 1 shows total interest received from you; Box 2 shows the outstanding principal as of January 1; Box 6 shows deductible points paid at closing.

The lender or loan servicer who collected your payments issues it. They file one copy with the IRS and mail or post a copy to you, typically by January 31 for the prior tax year. Anyone with a mortgage who paid at least $600 in interest receives one — the $600 threshold applies separately to each mortgage. Note that 1098 is distinct from 1098-E (student loan interest) and 1098-T (tuition) — those are different forms entirely.

When you’ll get your Form 1098 (Mortgage Interest Statement)

You paid $600 or more in mortgage interest on a home loan during the tax year
You have a mortgage on a primary residence, second home, or qualifying property
You bought a home and paid deductible points at closing
You refinanced and the new servicer reported interest paid
You paid mortgage insurance premiums that may be deductible

What’s on your Form 1098 (Mortgage Interest Statement)

These are the fields Granite reads and extracts automatically the moment you upload one.

Lender / Filer name: The mortgage lender or loan servicer that received your interest payments and issued the form.
Borrower name: The person who paid the mortgage interest — you, the homeowner.
Box 1 — Mortgage interest received: Total interest you paid the lender during the year. This is the number that drives the mortgage interest deduction.
Box 2 — Outstanding mortgage principal: The remaining loan balance as of January 1, used by the IRS to confirm the loan is within deduction limits.
Box 3 — Mortgage origination date: The date the loan was originated, which affects which deduction rules apply.
Box 5 — Mortgage insurance premiums: Mortgage insurance premiums paid during the year, which may be deductible in some years.
Box 6 — Points paid on purchase: Points paid at closing on the purchase of a principal residence, often deductible in the year paid.
Box 8 — Property address: The address or description of the property securing the mortgage.

How long to keep it

At least 3 years after filing, ideally 7

Keep each year's 1098 for at least three years to cover the standard IRS audit window, but seven is safer because the mortgage interest deduction can be questioned years later. If you ever claim points amortized over the loan's life or sell the home, you may need the older 1098s and origination details to substantiate your basis and deductions.

How Granite handles your Form 1098 (Mortgage Interest Statement)

Drop your 1098 into Granite and it reads the form, pulls the lender name, Box 1 interest, outstanding principal, origination date, and the property address, then files it under the right tax year and links it to the property it secures. Searching "mortgage interest" or "2024 1098" surfaces it instantly, and every year's statement stays grouped together — so when you itemize, the exact numbers are one search away instead of buried in lender portal logins.

FAQ

Form 1098 (Mortgage Interest Statement): common questions

What is a 1098 form used for?: A 1098 form, the Mortgage Interest Statement, is an IRS document your lender sends reporting the mortgage interest you paid during the year. If you paid $600 or more, the lender files it with the IRS and sends you a copy. You use the Box 1 interest figure to claim the mortgage interest deduction on Schedule A if you itemize.
When should I receive my 1098 form?: Lenders generally send Form 1098 by January 31 for the prior tax year. You may receive it by mail or find it posted in your online mortgage account. If you paid $600 or more in interest and haven't received it by early February, check your lender's portal or contact your loan servicer.
Do I have to report 1098 on my taxes?: You only report Form 1098 if you plan to deduct mortgage interest, which requires itemizing on Schedule A. If you take the standard deduction, the 1098 doesn't change your return, though it's still worth keeping. You can generally deduct interest even if you paid under $600 and no form was issued, using your own records.
Does a 1098 help or hurt your taxes?: A 1098 can only help — it never raises your tax. The Box 1 mortgage interest it reports is a potential deduction, not income. It reduces your taxable income only if your total itemized deductions exceed the standard deduction; otherwise it has no effect. It is never something you owe tax on.
What is the difference between a 1098 and 1098-E?: Form 1098 reports mortgage interest you paid to a home lender. Form 1098-E reports student loan interest paid to a loan servicer. They are separate forms for separate deductions — mortgage interest goes on Schedule A if you itemize, while student loan interest is an above-the-line adjustment available even without itemizing.
How long should I keep my 1098 form?: Keep each year's 1098 for at least three years after filing to match the standard IRS audit window, and ideally seven. If you amortize points over the life of the loan or eventually sell the home, older 1098s and the origination date help substantiate your deductions and cost basis, so don't toss them the moment a tax year closes.

Sources

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Keep your Form 1098 (Mortgage Interest Statement) in one place.

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