In response to criticism that the IRS was not properly
monitoring mortgage interest deductions, Congress was asked to require lenders
to report more information about the loans. In 2015 Congress passed the new
reporting rules, and they went into effect for tax year 2016. Homeowners will
see the result this year in a newly designed Form 1098, which is used to report
mortgage interest. The new form will include the mortgage origination date, the
balance at the end of last year and the address of the property securing the
loan, as well as other information useful to the IRS.
Questions: http://rehcpas.com/
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