Didn’t receive 1098. Helping a friend here!

5 Replies

So I’m posting this on behalf of a friend of mine. Who purchased a SFH late last year (closed on Dec. 16th). This home was purchased with FHA and will be his primary residence. He didn’t get a 1098 form. And called the bank to inquire about this, and they said he wouldn’t be getting one. His loan has already been sold over to Fannie Mae (don’t think this is relevant). But he worries that he is missing on deductions he could / should be taking. He paid taxes and insurance at closing, and presumably some PMI too? Any insight on this stuff guys? Thanks in advance!!!

@Matt Romano Any items he paid at closing should be on his settlement statement.

If he was paid wages, but didn't get a W2, would he not report the income?  I would have 'not received' my W2s every year if that's how it worked!  :-)

If he has legitimate deductions he should claim them whether he has received a 1098 or not. As @Logan Allec pointed out, there are other ways to determine the deductible amounts paid. 

The 1098 is for interest payments only, anyway. His insurance and PMI aren’t deductions.

Thanks for the responses guys! Pretty sure the mortgage insurance is deductible though @Wayne Brooks Basically just the mortgage interest and the PMI are deductions. Does that sound right?

@Matt Romano , Yes PMI are deductible.

Also, he can actually call IRS and get his copy of 1098 directly (Wage and Income transcript) from IRS if absolutely needed, It is a very simple process. 

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