Do I have to file my mortgage 1098 if I’m not itemizing?

Do I have to file my mortgage 1098 if I’m not itemizing?

by Lora Bahrey-Ament, CPA | Feb 13, 2019

Do I have to file my mortgage 1098 if I’m not itemizing? I am taking the standard deduction.

Form 1098, Mortgage Interest Statement, is used to report mortgage interest of $600 or more received from operating a trade or business as an individual, including a sole proprietor. The form is not required to be filed if the interest is not received in the course of your trade or business.

The mortgage holder should send a Form 1098 by Jan. 31 of the following year that shows how much has been paid in mortgage interest that year. So, the IRS already has a copy of these documents from your mortgage holder. The mortgage interest paid should be reported on your federal return, whether you itemize or take the standard deduction. You are required to report the interest paid. It will not affect your tax return negatively, because if your standard deduction is more than your itemized deduction, that will be the one automatically used on your tax return.

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Answered by: Lora Bahrey-Ament, CPA, is manager in the tax consulting and compliance department at Louis Plung & Company in Pittsburgh.

The responses are based on the limited information provided by the questioner and apply the laws and regulations at the time of posting. Other options could arise as rules and regulations may change over time, including but not limited to the passage of the Tax Cuts and Jobs Act of 2017. They are intended to provide general information, not specific accounting or tax advice; they are not intended or written to be used and cannot be used for the purpose of avoiding or evading taxes or penalties under the IRS code or regulations. Views expressed do not imply an opinion of the PICPA, its officers, directors, employees, or members.
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