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- Click ‘Get Form’ to open the 2016 instructions form 1098 in the editor.
- Begin by entering the payer's name and address in the designated boxes. Ensure accuracy as this information is crucial for tax reporting.
- In Box 1, report the total mortgage interest received from the borrower during the year. This includes any points paid, ensuring it meets the $600 threshold.
- For Box 2, enter the outstanding mortgage principal as of January 1, 2017. If applicable, leave blank if the mortgage originated in that year.
- Complete Box 5 for Mortgage Insurance Premiums if applicable, ensuring you meet the criteria for reporting MIP.
- If there are multiple properties securing a single mortgage, indicate this in Box 10 by entering the total number of properties.
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