Last updated: February 9, 2018

Your 1098: What’s in All Those Little Boxes?

Tax season! There’s nothing more delightful than looking at little boxes full of numbers and copying those numbers into other little boxes, or sitting in the office of your tax preparation pro and watching them copy numbers into little boxes.

While we can’t make tax season as fun as a birthday bash in Vegas, maybe we can demystify the process a little bit. Note: We are not tax advisors or offering you tax advice. But we are a mortgage lender who sends out important forms to our borrowers – so the least we can do is help explain those forms.

Form 1098, Mortgage Interest Statement

Your 1098 is used to report mortgage interest. It documents amounts over $600 and includes any points (money paid at closing to reduce your interest rate) you might have paid. The lender or mortgage company who holds your loan should send you one at the beginning of the year as long as your loan is for what is called “real” property – houses, condos, manufactured homes, etc.

Why is this important? Because you might be able to deduct this interest from your taxes.

Tax Deduction

Obviously, you want to check with your accountant, but many borrowers can deduct both interest and points from their taxes. Of course, this means you have to itemize.

If itemizing sounds about as much fun as a root canal, you’re not alone. Only about a third of taxpayers itemize – in this area it might make a difference.

It’s in the Mail

Pacific Union mailed out Year-End Statement on January 16, 2018. You can also view your online account – or register if you have yet to do so – at Once logged in, select Statements and Documents, and then the View Statements tab.

If you have any questions, we have a thorough FAQ at And we’re always happy to hear from you. We want to help.

Now go forth and claim those deductions!