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Continue reading → The post IRS Form 1098: Mortgage Interest Statement appeared first on SmartAsset Blog. ... April 12, 2022 at 9:39 AM. form 1098 mortgage. Owning a home can yield some benefits ...
As of the 2018 tax year, Form 1040, U.S. Individual Income Tax Return, is the only form used for personal (individual) federal income tax returns filed with the IRS. In prior years, it had been one of three forms (1040 [the "Long Form"], 1040A [the "Short Form"] and 1040EZ – see below for explanations of each) used for such returns.
These are only a few of the federal forms.States have many equivalent forms and reporting requirements. Taken together, these tax information reporting forms touch hundreds of millions of individuals and businesses, and require a large time commitment on the part of businesses, nonprofit organizations, and educational institutions to administer, prepare and file.
For a variety of reasons some Form 1099 reports may include amounts that are not actually taxable to the payee. A typical example is Form 1099-S for reporting proceeds (not gain) from real estate transactions. The Form 1099-S preparer will report the sales proceeds without regard to the amount of the taxpayer's "basis" in the real estate sold.
How do you handle entering a 1098 form while preparing your taxes? Watch this helpful TurboTax video guide to learn more. Show comments. Advertisement. Advertisement. Holiday Shopping Guides.
Form 1098, which shows how much you paid in interest on a mortgage or student loan. Form 1099-NEC reports income that you made working as an independent contractor or as a self-employed individual.
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