On my 1098 form, box 4, my Mortgage Insurance is not separated from my Real Estate Taxes. How should I enter this info?

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  • On my 1098 form, box 4, my Mortgage Insurance is not separated from my Real Estate Taxes. How should I enter this info?
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Found this answer on another post...seems to answer this the most accurately:

A better, updated answer.  After reading jp's answer I called WELLS FARGO back.  It seems they sent the 1098 before they were aware of the details of the taxpayer relief act.  (Sidebar: it would have been awfully nice if Congress hadn't waited until the 11th hour)  So WELLS FARGO is reporting the Mortgage Insurance amount to the IRS, just like they should.  And rather than sending an updated 1098 form as jp suggessted, they are simply sending this additional letter as an "official" addendum.  

I just spoke to a WF rep and she said the forms will be generated 2/4/13 - so you can either check online on/after 2/4/13 or wait for the snail mail.

 

Hope that helps...it should if you have Wells Fargo.

  • I have the same thing listed on box 4. I also am through Wells Fargo.  Do we ignore the real estate tax amount? Do we add this amount to our property taxes? Do we need to do any thing with this amount?
  • Real estate and property taxes (other than personal property taxes) are the same thing. You can deduct them on your tax return and they are entered separately from your mortgage interest and mortgage insurance.
  • Call Wells Fargo, 1-866-234-8271, and choose the menu option for year end tax information.  They audibly will list the interest paid, taxes paid, and then finally your insurance paid.
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They are two different items. If the INSURANCE and TAXES are not listed separately on your 1098, you will have to look on your escrow account statements or contact your mortgage company to get the annual amounts.

I have been told that mortgage companies are now sending revised statements, but I don't know if it's required.
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    You must enter it separately. Look at your year end statement or call your lender to get the actual numbers for each. Are you sure your mortgage insurance is even shown on your 1098? Some lenders did not include it this year because the deduction was supposed to expire at the end of 2011 until the latest tax law changes extended it.
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