2009 Interest and Taxes

RABQUE · ‎12-24-2009

Hello everybody...I closed on my house in August of this year and i have a few questions about interest and propert taxes

Since it is the end of the year am I supposed to get a statement that shows the interest and taxes that Paid for 2009? If so, when are these generally sent out?

If I bought points would all of that information be in included in the statement?

Lel · ‎12-24-2009

I've generally received this info in the mail sometime toward the end of January. However, I can also download the relevant information from my lender's website. You don't necessarily need the official document (it doesn't get sent into the IRS), you just need the information to complete your taxes.

Don't forget that there will be typically be prepaid interest and possibly pro-rated property taxes on your closing documents. This may not be included with your bank's statement.

Anonymous · ‎12-25-2009

I thought a copy of form 1098 which is your year end interest statement from the bank is sent to the IRS.

Message Edited by SuzieQuzie on 12-25-2009 07:05 AM

Lel · ‎12-25-2009

It is sent to the IRS by the lender, not by the borrower, like you stated. But you don't have to wait for your copy in order to file your taxes, if you are able to accurately document the interest paid by you.

Anonymous · ‎12-25-2009

Correct, the bank sends the IRS a copy of the 1098.

Watchmann · ‎12-26-2009

All the talk of who gets Form 1098 is really immaterial. You have to report what you actually paid for taxes and interest related items. No one should be tempted to fudge the numbers, that is a recipe for an audit disaster. (I'm NOT saying the OP had this in mind, but often we are tempted to goose the deductions, especially when they are BIG numbers like interest and taxes.) I'm sure everyone here plays honest and only deducts what is available to them.

Message Edited by Watchmann on 12-26-2009 09:14 AM

Anonymous · ‎12-26-2009

Agree with previous poster. I know my 1098 from my bank did not include the points and I had to call them to get it fixed. They sent out a revised 1098. That's the form you should receive from your lender. Just make sure that you review it carefully when you get it and if you see anything amiss, call the lender.

RABQUE · ‎12-26-2009

So I should expect a 1098 from the lender and this should include tax information, interest, points ETC......

Thanks Everybody!

Watchmann · ‎12-26-2009

@RABQUE wrote:
So I should expect a 1098 from the lender and this should include tax information, interest, points ETC......

Thanks Everybody!

Yes, your lender will provide this to you on form 1098, it's the law. It will include mortgage interest and points paid (if any). It will also usually tell you what your beginning principal balance and ending balance are for the year. You will receive it by the end of January.