1098 Mortgage Interest reported to IRS is lower than payments

[FerrumB5]

Hi All,

I got 1098 mortgage interest (first time) document and have questions.
1. Amount reported to IRS in Box 1 (Mortgage interest received from payer(s)/borrower(s)*) is ~2k lower than I paid.
2. Will there be another form to report property tax and receive deductions for that?
3. Or is only interest on mortgage balance is deductible? I thought property tax is also deductible

Thanks
 

[Proud Foot]

Hi All,

I got 1098 mortgage interest (first time) document and have questions.
1. Amount reported to IRS in Box 1 (Mortgage interest received from payer(s)/borrower(s)*) is ~2k lower than I paid.
2. Will there be another form to report property tax and receive deductions for that?
3. Or is only interest on mortgage balance is deductible? I thought property tax is also deductible

Thanks

1) Could this be a timing issue?  Do you write and mail a check for your mortgage payment.  If there really is an issue you should contact your mortgage holder and they can issue a corrected one.

2) Not a homeowner so I do not know if you receive a form for this or not.  However you should be able to use your property tax bill for the amount.

3) If you itemize you are able to take both the mortgage interest deduction and property tax on Schedule A.

[FerrumB5]

1. Resolved. My loan was transferred in 2016 to a different bank. I will receive 1098 from both.

[hunt2eat]

Usually the property tax amount is on the bottom as a separate line item, not in the 1098 boxes.  Also you could just look it up via your county's website.