You may not receive a Form 1098 for your timeshare mortgage interest. There are a few reasons why you may not receive one.
Lenders are not required to provide a Form 1098 if they received less than $600 in interest, mortgage insurance premiums, or points during the year.
Interest received from a corporation, partnership, trust, estate, association, or company (other than a sole proprietor) is not required to be reported on a Form 1098.
If you bought a property with owner financing, the seller might not file a Form 1098.
Regardless of why you may not have received a Form 1098, you typically can still deduct qualifying mortgage interest.
Generally, if it meets these requirements, is should be deductible:
- The loan is secured, which means the lender has some kind of guarantee of payment.
- The home with the secured loan must have sleeping, cooking, and toilet facilities.
- The debt must not exceed $750,000 (or $1,000,000 if the loan was taken before December 16, 2017) inorder to get the full deduction.
- You or someone included on your tax return must have signed or co-signed the loan.
- If you rented out the home, you must have used the home the greater of 14 days during the tax year or 10% of the number of days you rented it out.
Here are the steps for entering your mortgage interest when you do not have a Form 1098:
- Select Federal Taxes from menu at the top of your screen
- Select Deductions/Credits
- Click on the Edit/Add button next to Mortgage Interest, Refinancing, and Insurance
- Select Add a Lender (you should be able to find the lender name or use name from the annual summary) and answer the interview questions. Keep your records.
Click here for additional information on mortgage interest on a timeshare.
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