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First Year With Mortgage

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  • January 25, 2022 at 3:39 am #4503239 Reply
    Motherof3TaxCredits

    Hi! The title says it all – this is our first year dealing with all things mortgage. Anyone have tips or info? The most I know at this moment is that we should expect a 1098 or 1099 (?). No clue what to do with it when it gets here. LOL – halp

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  • January 25, 2022 at 10:33 am #4503300 Reply
    Bigfrog

    You get a 1098 that tells you how much interest you paid on your mortgage for the year. Afaik, it’s only used if you itemize deductions – you have enough stuff like medical expenses, taxes paid, mortgage interest, etc. that when added together is more than the standard deduction. For example, for me, I’m single and this year the standard deduction is 18,800 I believe. It is higher when filing married. This portion of your income is not taxed.

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