By which date must an interest reporting statement be sent to the borrower's last known address?
By which date must an interest reporting statement be sent to the borrower's last known address?
Financial institutions are required to send out Forms 1098 (or similar interest reporting statements) to borrowers by January 31 of the year following the year in which the interest payments were made. This deadline ensures that borrowers have the necessary documentation to prepare their income tax returns, which may include claiming deductions for mortgage interest paid during the previous year.
Financial institutions are required to send out Forms 1098 (or similar interest reporting statements) to borrowers by January 31 of the year following the year in which the interest payments were made. This deadline ensures that borrowers have the necessary documentation to prepare their income tax returns, which may include claiming deductions for mortgage interest paid during the previous year.