The good news for homeowners at tax time is the mortgage interest deduction. In many cases, mortgage interest can amount to thousands of dollars, particularly in the early years of a loan. The offsetting deduction can significantly reduce tax liability and is one more big advantage of home ownership.
Each year, lenders are required to provide borrowers with a 1098 or similar form indicating the amount of mortgage interest paid in the previous calendar year. If you have a mortgage but have not received this tax information, you should contact your lender. Be aware that some tax forms are now being transmitted electronically. Also, be sure that if you bought or sold property in the past calendar year, your tax preparer is made aware of the transaction as there could be tax implications.
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