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A form filed with the Internal Revenue Service (IRS) that details the amount of interest and mortgage-related expenses paid on a mortgage
during the tax year. These expenses can be used as deductions on a U.S. income tax form, Schedule A, which reduces taxable income and the
overall amount owed to the IRS. The mortgage lender is required by the IRS to provide this form to borrowers.
There are several additional 1098 Forms:
- 1098-C details the donations of vehicles, boats and airplanes.
- 1098-E is for the interest paid on qualified student loans.
- 1098-T details tuition and related fees during the year.