If you paid $600 or more in mortgage interest (including points) in a year, you should receive a Form 1098, Mortgage Interest Statement, from the mortgage company. This statement should show the interest and the deductible points you paid during the year. Form 1098 generally includes only the points you can fully deduct in the year paid. You may have other points you can deduct, such as points your are amortizing over the life of another mortgage loan, points you paid to a another lender, or points from a settlement statement that are not reported on a Form 1098.
How To Report
The amount of mortgage interest you are deducting based on the amount reported on Form 1098 is reported on Schedule A. If you have mortgage interest or points that you paid to the seller of your home, report this amount separately on Schedule A and include the name, address and social security number or employer identification number of the person on Schedule A next to the amount.
If you and another person (other than your spouse) are liable for the mortgage and each paid interest on it, but the other person received a Form 1098, you should attached a statement to your return explaining this. The statement should include the other person’s name and address and the amount of interest each of you paid. You would then report the amount of interest you paid on Schedule A and next to the amount write “See attached”.