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jabs43
Returning Member

Prepaid Interest not on 1098

Can I deduct prepaid interest from a closing that is not on my 1098 from purchasing a house?  The 1098 is from my loan company but the closing paperwork is from the Title office and includes property taxes, prepaid interest, etc.   Can those be deducted somewhere if they are not on the Mortgage 1098 form?

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1 Reply
AliciaP1
Expert Alumni

Prepaid Interest not on 1098

Prepaid interest is also described as points and should show up on your 1098 under box 6.  If they are not listed there you can enter a separate 1098 under the name of the title company and mark that you did not receive a 1098 from them.

 

Also, ensure that your property tax line on your closing documents is not a credit if it is not reflected on your mortgage 1098.  If it is indeed a payment and is not on the mortgage 1098, you can add it to the points form to claim them.

 

See What are points? for more info on prepaid interest.

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