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NEW IRS Form 1098 for Tax Year 2016

The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (P.L. 114-41) was signed by President Obama on July 31. The Act includes additional reporting requirements for mortgage servicers starting in tax year 2016.

The new IRS Form 1098 Mortgage Interest is here

https://www.irs.gov/pub/irs-pdf/f1098.pdf

For forms 1098 issued to payers after December 31, 2016, you must report:

Box 2. Outstanding mortgage principal as of January 1, 2016

Box 3. Mortgage origination date.

Box 8. Address of property securing mortage

Box 9. If property securing mortgage has no address, below is the description of the property

 

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Erich J. Ruth

Erich J. Ruth provides technical support for National Software which is the parent company for 1099FIRE. 1099FIRE develops and markets a comprehensive range of products that enables any size of business or institution to effectively manage and comply with year-end filing requirements. 1099FIRE is an employee-owned company located in Phoenix, Arizona.

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