Next January when you receive your mortgage interest statement from your lender, you might notice some changes on the Form 1098. Beginning in 2016, the mortgage interest statements must reflect the outstanding principal balance, the loan origination date, and the address of the property that secures the mortgage. All of this is information that has not traditionally been included on the mortgage interest statement. However, due to the complexity in the laws in regard to the deductibility of mortgage interest, these are welcome changes. In a perfect world, everything would be simple and there would be no need for this information, but we must play the hand we are dealt. Let’s look at each of these requirements and the reasons for each.
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