Frequently Asked Questions (FAQs)
If you have questions about your loan with The Money Source Inc. and would like to speak to someone, please give us a call at (866) 867-0330. Our team members are available Monday – Friday 8:00 am – 9:00 pm ET and Saturday 8:00 am – 12:00 pm ET to help you.
1098
Does the Form 1098 leave you scratching your head?
If it does, you’re definitely not alone. This is a particularly confusing item for homeowners, so we made sense of it all in our Happy Hub blog (including pictures and easy-to-understand charts!).
But here’s the basics for the 1098 forms:
There are four types of IRS 1098 forms, including one that tells you how much you’ve paid in mortgage interest in the past year. The other forms are used to report charitable donations, tuition expenses, and student loan interest. You’ll receive your 1098 forms in the mail around tax time and use them to prepare your taxes.
A standard Form 1098, or “Mortgage Interest Statement”, is used to report mortgage interest of $600 or more paid to a lender for a mortgage. It will tell you the amount you’ve paid in interest over the past year.
All Form 1098s for the previous year are mailed by January 31st.
News Flashtastic: For federal income tax purposes, a mortgage is a loan secured by your main home or second home. It includes, but is not limited to, first and second mortgages, home equity loans, and refinanced mortgages.
But here’s the basics for the 1098 forms:
There are four types of IRS 1098 forms, including one that tells you how much you’ve paid in mortgage interest in the past year. The other forms are used to report charitable donations, tuition expenses, and student loan interest. You’ll receive your 1098 forms in the mail around tax time and use them to prepare your taxes.
A standard Form 1098, or “Mortgage Interest Statement”, is used to report mortgage interest of $600 or more paid to a lender for a mortgage. It will tell you the amount you’ve paid in interest over the past year.
All Form 1098s for the previous year are mailed by January 31st.
News Flashtastic: For federal income tax purposes, a mortgage is a loan secured by your main home or second home. It includes, but is not limited to, first and second mortgages, home equity loans, and refinanced mortgages.