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February 11, 2025
Question

can someone help with what to enter from my 1098 form for the Property taxes. For Section 10, on my form it shows principal paid and ending principal?

  • February 11, 2025
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    February 11, 2025

    It sounds like you're concerned about Form 1098, especially regarding property taxes. Here is some information.

     

    • Box 10: This box typically includes property taxes if your lender paid them from an escrow account. 
    • You can check your property tax bill from the property tax assessor or your mortgage escrow account statement for the actual property taxes paid. This will help ensure you have the correct information for tax filing purposes.
    • Here’s a brief overview of what goes in the key boxes on Form 1098:
      • Box 1: Mortgage interest received from the borrower.
      • Box 2: Outstanding mortgage principal.
      • Box 3: Mortgage origination date.
      • Box 4: Refund of overpaid interest.
      • Box 5: Mortgage insurance premiums.
      • Box 10: Property taxes paid from escrow or other information

     

    For more detailed instructions, you can refer to the IRS Instructions for Form 1098

     

    If you are concerned about the accuracy of the 1098 contact your lender.