Form 1098 Mortgage Interest Statement by Kevin Martini

By January 31, 2019, if you have a mortgage that was originated by the Martini Mortgage Group at Benchmark Mortgage a Form 1098 will be placed in the mail.  Here is the important information about the Form 109 by Kevin Martini.

Many families I serve have questions about the Form 1098. What is the Form 1098?  Here is the Kevin Martini definition: a summary of the home loan interest you pay to the mortgage company and said interest is reported to the Internal Revenue Service (IRS).  One may get more than one Form 1098…some circumstance are if you have more than one mortgage or if your home loan was sold during the year.  

To help with question you that one may have now or after they receive the Form 1098, below are 7 frequent question that are asked to the Martini Mortgage Group with the 7 Kevin Martini answers.


WARNING: Kevin Martini is the Branch Manager and trusted mortgage strategist with the Martini Mortgage Group at Benchmark Mortgage and DOES NOT provide tax advice.  This is for general information ONLY.  Contact your tax/financial advisors for specific questions.

1.  What deductions can I claim for income tax purposes?

The Martini Mortgage Group cannot provide tax advice. Please contact your tax/financial advisor. You may also contact the IRS at 1-800-829-1040 or visit www.irs.gov for more information.

2.  Do I need to provide a copy of my IRS Form 1098 to the IRS along with my tax return?

No, you are not required to include the 1098 statement with your tax return.

3.  Why doesn’t the interest line on my IRS Form 1098 show all the interest I paid for the year?

If your loan was serviced by another company for part of the year, you may also receive an IRS Form 1098 from them. If you made payments in 2018 for due dates of February 2019 and beyond the current tax year, the interest for these payments is not reportable to the IRS for the current reporting year and will be reported on next year’s Form 1098.

4.  Do you report to the IRS the amount of real estate taxes or homeowners insurance I paid?

We do not report the amount of real estate taxes and/ or homeowners insurance you paid to the IRS. The amount shown on your statement reflects the real estate taxes we paid on your behalf and is for informational purposes only. Please contact your local tax authority if you have further questions.

5.  If there are two or more borrowers named on my loan, which social security number (SSN) is used for reporting purposes?

The SSN shown on the 1098 form (last 4 digits) is used for reporting purposes. If you have questions, please contact your tax/financial advisor.

6.  How do I find the number of points that were claimed at closing?

If there were points established at closing, the information will be found on the Closing Disclosure. This information would be listed in Box 6 on your 1098. Please contact your tax/financial advisor for more information.

7. Why does my 2018 IRS Form 1098 look different than my 2017 IRS form 1098?

The IRS has combined boxes 8 & 9 into one box 8, Box 9 now contains ‘Number of properties securing the mortgage’, Box 10 contains ‘Other’, and Box 11 has been removed. For more information you can contact the IRS at 1-800-829-1040 or visitwww.irs.gov.

Kevin Martini | NMLS ID 143962 | Branch Manager | Martini Mortgage Group at Benchmark Mortgage |Ark-La-Tex Financial Services, LLC NMLS ID 2143 | 5650 Six Forks Road, Suite 101 Raleigh, NC 27609 |(919) 238-4934 |www.KevinMartini.com | Kevin.Martini@Benchmark.us | Equal Housing Opportunity

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