Where To Find Real Estate Taxes On 1098
1098 is a form that is used by taxpayers to report mortgage interest, property taxes, and other related expenses. If you own a home, you may be able to deduct the real estate taxes you paid on your federal income tax return. In this article, we will show you where to find real estate taxes on 1098.
What Is Form 1098?
Form 1098 is a tax form used to report mortgage interest, points, and mortgage insurance premiums paid throughout the year. It is issued by the lender to the borrower and submitted to the IRS. The form also includes information about the property taxes that were paid on the property.
Where To Find Real Estate Taxes On 1098?
The amount of real estate taxes paid can be found in box 5 of Form 1098. This box will show the total amount of property taxes paid during the year. It is important to note that this amount may not be the same as the amount you actually paid. This is because some lenders may collect more than the actual amount due to ensure that there are sufficient funds to pay the taxes when they become due.
Why Is This Information Important?
The information on Form 1098 is important because it can help you save money on your taxes. If you itemize your deductions on your tax return, you may be able to deduct the amount of real estate taxes paid. This can lower your taxable income and reduce the amount of taxes you owe.
Other Information On Form 1098
Aside from real estate taxes, Form 1098 also includes other important information that can affect your taxes. Box 1 shows the total amount of mortgage interest paid during the year, while box 6 shows the amount of mortgage insurance premiums paid. These amounts may also be deductible on your tax return.
Conclusion
Form 1098 is an important tax form for homeowners. It includes information about mortgage interest, property taxes, and other expenses that may be deductible on your tax return. If you are unsure about how to use this information, it is recommended that you seek the advice of a tax professional.