Tax returns

Your mortgage income is reported on your US tax return on Schedule B of your 1040 tax return.

You should also send the mortgage payer (the borrower or mortgagor) a form 1098 that they will use to deduct the interest they pay you from their taxes. You also send the IRS a 1096 summary form for your 1098s. You should send out the 1098 by January 31.

You can download these forms from the IRS web site.

Please note. The above is general information only. Speak to your professional tax preparer.

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