Form 1098: Mortgage Interest Statement

Sent by your lender, this form details how much interest you paid on your mortgage. It's a key component of itemized deductions.

To Itemize or Not?

You only use Form 1098 if you choose to itemize deductions on Schedule A rather than taking the standard deduction.

For 2024, the standard deduction is $29,200 for married couples. Unless your mortgage interest (Box 1 on the 1098), state/local taxes (capped at $10,000), and charitable contributions add up to *more* than $29,200, the 1098 will not benefit your federal tax return.

Use our Standard Deduction Checker to see which is better for you.