Understanding Your 1098 Form From Finance Of America
Understanding Your 1098 Form from Finance of America
As the end of the year approaches, you may be wondering what a 1098 form is, and why you received one from Finance of America. The 1098 form is a document that reports the mortgage interest you paid over the past year. It is important to understand the form and how it can affect your taxes.
What is a 1098 Form?
A 1098 form is a statement of the mortgage interest you paid on a loan from Finance of America. It is sent to you in January of each year and includes all of the interest you paid for the previous year. This form is important for tax purposes, as it can help you calculate your deductions.
How to Read Your 1098 Form from Finance of America
Your 1098 form from Finance of America should include the following information:
- Your name and address
- The loan number
- The loan interest rate
- The amount of interest you paid during the year
- The amount of points you paid to obtain the loan
- Any discounted points associated with the loan
- Any prepaid interest associated with the loan
- Any escrow deposits associated with the loan
Can I Deduct the Interest I Paid on My 1098 Form?
The interest you paid on your 1098 form from Finance of America may be deductible on your taxes. To determine if you qualify for a deduction, you should consult your accountant or tax preparer. They will be able to help you determine if you are eligible for a deduction, and if so, how much you can deduct.
What if I Don't Receive a 1098 Form from Finance of America?
If you do not receive a 1098 form from Finance of America, you should contact your lender. They should be able to provide you with a copy of the form. If you are still unable to obtain a copy, you can contact the IRS for assistance.
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