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Wait for your 1098....... Posted by Herb Hirsch [Email] (#114) [Profile/Gallery] (more from Herb Hirsch) on Tue, 13 Jan 2009 17:50:01 In Reply to: Messed over by mortgage servicer (property taxes), ursaw, Mon, 12 Jan 2009 16:49:23 Members do not see ads below this line. - Help Keep This Site Online - Signup |
Your mortgage lender is required to render a 1098 to you by the end of January 2009. You should see this by the middle of February 2009.
The 1098 is often combined with the lender's year-end statement; it may indicate that it is a "Substitute 1098". It will reflect mortgage interest, property taxes and insurance you paid for during calendar year (also your tax year) 2008.
A copy of the 1098 is sent to the IRS. If you report an amount (interest or property taxes) that differs from the 1098 the IRS may want to know why.
Your issue is not what your lender's processor did and when the town received it but (really) what your lender reported to the IRS. The date you paid your 2008 property taxes is based upon when it was "dispersed" from your account (Dec 22nd), not when the payee received it.
In conclusion, wait for the 1098 or Substitute 1098. If the property taxes paid in 2008 as reflected on that form are correct you don't have an issue. That amount is what is reported to the IRS.
Herb Hirsch
South Brunswick, NJ
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