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Year-End Tax Forms
What is the IRS Form 1098, Mortgage Interest Statement?
The IRS Form 1098, Mortgage Interest Statement, is used to report mortgage interest of $600 or more on any one mortgage during the calendar year.
When will I receive my year-end statement?
Year-end tax information will be mailed with your Annual statement and postmarked no later than January 31st or the following business day, and you should receive your statement within seven to ten days of that mailing.
What is the IRS Form-1099?
The Form-1099 may be income received related to your mortgage, debt which was discharged, or another event reportable to the IRS which took place during the year. There are several different types of 1099 forms, but you will only receive a form applicable
to you.
- Form 1099-A is typically provided in the event of foreclosure, deed-in-lieu of foreclosure, etc. during the tax year. The IRS requires a Form 1099-A when we (1) acquire an interest in a property securing the loan or (2) have reason to know the property is abandoned.
- Form 1099-C is provided when a debt is cancelled, forgiven, or discharged. The IRS requires a Form 1099-C when a cancellation of principal amount owed of $600 or more occurs.
- Form 1099-INT is provided when you earn $10 or more of interest during the year. If you did not receive a Form 1099-INT, it is because you were either paid less than $10.00 of accrued interest or your interest income was paid on or after January 1st, so you won’t receive one until next year.
- Form 1099-MISC is provided when you received $600 or more in cash benefits during the year. The Miscellaneous Income Statement Form 1099-MISC is issued in order to report to the IRS the following:
- Payments to the customer or the tenant residing in a property currently in the foreclosure process. The purpose of the payment is to assure the residing party permanently evacuates the property. This is referred to as the Cash for Keys or Cash for Relocation Program. This amount is reported in Box 3.
- Any other payment for Rent, Attorney Gross Proceeds, or Other Income of $600 or more.