1098 2016

What's New for 2016

Mortgage insurance premiums. Report mortgage insurance premiums paid of $600 or more in box 5. Reporting is required under section 6050H(h).
New reporting requirements. The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 contains new reporting requirements for recipients of mortgage interest. For forms 1098 issued to payers after December 31, 2016, you must report the address or description of property securing the mortgage, the outstanding mortgage principal as of January 1, 2016, and the mortgage origination date.
Form resized. Due to the modification of reporting requirements by P.L. 114-41, sec. 2003, the official IRS Form 1098 has increased in size from a 3-to-a-page to a 2-to-a-page format, beginning with tax year 2016.

New Fields

Box 2 Amount: Outstanding mortgage principal as of 1/1/2016
Box 3 Date: Mortgage origination date
Box 7 Checkbox: Is address of property securing mortgage same as PAYER'S/BORROWER'S address?
Box 8 Text: Address of property securing mortgage (see instructions)
Box 9 Text: If property securing mortgage has no address, provide description of the property

Field Name	Size	Type	Description	Notes
See Form Filer Common Fields			Filer fields common to all form types.
See Recipient Common Fields			Recipient fields common to all form types.
Box 1 Amount	12	Amount	Box 1: Mortgage interest received from payer(s)/borrower(s)
Box 2 Amount	12	Amount	Box 2: Outstanding mortgage principal as of 1/1/2016
Box 3 Date	10	Date	Box 3: Mortgage origination date	MM/DD/YYYY or M/D/YYYY
Box 4 Amount	12	Amount	Box 4: Refund of overpaid interest
Box 5 Amount	12	Amount	Box 5: Mortgage insurance premiums
Box 6 Amount	12	Amount	Box 6: Points paid on purchase of principal residence
Box 7 Checkbox	1	Checkbox	Box 7: Is address of property securing mortgage same as PAYER'S/BORROWER'S address?	X / Y / T / 1 = Checked
Box 8 Text	72, 80 for CS	Text	Box 8: Address of property securing mortgage (see instructions)	First 39 characters used for IRS reporting
Box 9 Text	72, 80 for CS	Text	Box 9: If property securing mortgage has no address, provide description of the property	First 39 characters used for IRS reporting
Box 10 Text	60	Text	Box 10: Other	First 39 characters used for IRS reporting
See Form Common Fields			Form fields common to all form types.

IRS 1098 Form: 1098 Form