New rules for Form 1098 reporting

[FEDUKE404]

Excerpt from Kiplinger:

"Beginning with 1098s for tax year 2016, which will be sent out in early 2017, the 1098 will include the amount of the mortgage principal at the start of the year, the mortgage origination date and the address of the property securing the loan. This will help IRS see whether filers are properly deducting interest after refinancing."

Things could get interesting in the land of "acquisition debt". . .

FE

[taxea]

So glad to hear they are including the location of the property. This will be very helpful preparing returns for clients with several rentals.