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Level 3

1098 from bank for only $20.90

i received 1098 from bank with mortgage interest amount of 20.90.  At the bottom it states the information is NOT being submitted to IRS. So, can i skip entering this in my tax return? The problem is that this amount relates to old account that is not paid off and will require too much legwork to find records. If its not being reported to IRS then i can assume i dont need to disclose? 

2 Replies
Expert Alumni

1098 from bank for only $20.90

Yes, if you are not going to itemize your deductions, you do not have to enter the 1098 information.

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Level 3

1098 from bank for only $20.90

thank you for reply. In fact i do plan to itemize my deductions. This 1098 is for old mortgage for rental property which is now paid off.

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