In the event of an IRS inquiry, you’ll need the records that document the interest you paid: -Copies of Form 1098, Mortgage Interest Statement, showing the interest and points you paid this year -Your closing statement from a refinancing that shows the points you paid, if any, to refinance the loan on your property -The name, Social Security Number, and address of the person you bought your home from, if you pay your mortgage interest to that person, as well as the amount of interest you paid for the year -Your federal tax return from last year if you refinanced your mortgage last year or earlier and if you’re deducting the eligible portion of your interest over the life of your mortgage. Form 1098 is the statement your lender sends you to let you know how much mortgage interest you paid and, if you purchased your home in the current year, any deductible points you paid. Sometimes, these forms don’t look like tax forms – scan the statement you get in January looking for the words “Form 1098.” If you paid more interest than your Form 1098 shows, you must attach a statement to your tax return that explains why you’re deducting more than your lender reported on Form 1098. For more information on deducting the interest on your home mortgage, refer to “IRS Publication 936: Home Mortgage Interest Deduction.”
What Kind of Records Do I Need?
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