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Box 2 on IRS Form 1098 displays the principal balance of your loan as of January 1, 2023 or when Chase acquired or originated the loan in 2023.
Delayed payments under COVID-19 Assistance may impact the amount of interest you paid in 2023.
About IRS Forms 1098 and 1099
The IRS requires us to report the outstanding principal balance as of January 1st of the tax year being reported in Box 2 or when Chase originated or acquired the loan in the tax year.
The amount of interest you pay may change from year to year, usually because of a change in your interest rate or in the number of payments we received from you during the calendar year. For instance, you may have paid less interest if you modified your loan or received payment assistance through the Homeowners Assistance Fund. This may result in a lower amount of interest showing on your Form 1098.
There are several reasons for the difference between the amounts shown on your Form 1098 and billing statement. The interest reported on your Form 1098 may include fees or exclude interest that wasn't due yet or wasn’t paid by you. The principal amount on your Form 1098 may include capitalized amounts from a modification.
We can't provide tax advice. We suggest you contact your own tax advisor or the IRS at 1-800-829-1040 or go to IRS.gov.
Box 5 (Mortgage insurance premiums) applies only to loans closed after December 31, 2006. Also, Box 5 may not be reported on Form 1098 if the deduction for mortgage insurance premiums paid is not extended for the current tax year. For more information about the deductibility of mortgage insurance, see the Schedule A (Form 1040) instructions at IRS.gov.
The IRS requires us to prepare Form 1098 in the name and Social Security number of the "Payer of Record" on a loan. The "Payer of Record" is the first person listed on the billing statement, who is also known as the primary borrower.
We can’t provide tax advice. Please refer to the IRS "Instructions for Payer/Borrower" included with your Form 1098, contact your own tax advisor or the IRS at 1-800-829-1040 or go to IRS.gov.
You should receive Form 1098 from each company to which you paid reportable mortgage interest or points. You could receive more than one Form 1098 if you refinanced the property during the year and/or if servicing on the loan was transferred.
The IRS doesn't require us to report real estate taxes paid by you on Form 1098. We do, however, provide that information to you on the Annual Tax and Interest Statement for informational purposes only. Any real estate taxes paid will be reflected in the “Escrow Activity” or “Additional Amount” section of the statement. To determine if the real estate taxes you paid are deductible, we suggest you contact your own tax advisor or the IRS at 1-800-829-1040 or go to IRS.gov.
According to the IRS, not all points are reportable, such as points paid to improve a residence, purchase a second home or refinance a loan. We suggest you contact your own tax advisor or the IRS at 1-800-829-1040 or go to IRS.gov.
The IRS requires a lender to send you this form if it acquires an interest in your property through a foreclosure, you release your property to the lender in full or partial satisfaction of the debt (also known as a deed-in-lieu of foreclosure) or it determines you abandoned the property.
The form includes the date the property was acquired, the outstanding principal balance at the time and the property’s fair market value. For more information, please contact your own tax advisor, call the IRS at 1-800-829-1040 or go to IRS.gov.
When we have evidence that a property has been abandoned, the IRS requires us to file a Form 1099-A. We don’t consider a property abandoned if you’ve made a payment, promised to make a payment, are actively pursuing a loan modification, selling the property or releasing the property. Also, we won’t file a Form 1099-A if a foreclosure starts within three months of the date we deem the property abandoned.
Not necessarily. It only means that the lender acquired an interest in the property through foreclosure, you released it to the lender or they determined you abandoned it.
The IRS requires us to send you this form when we cancel $600 or more of your principal balance in a calendar year. It can be all or a part of your principal balance. We can cancel debt—in certain circumstances also called waiving a deficiency—through a loan modification, a settlement for less than the amount you owed, or a business or investment debt discharged through bankruptcy.
We could also cancel your debt after a foreclosure, a sale of your home for less than the balance of your mortgage loan (also called a short sale) or a deed-in-lieu of foreclosure. This form includes the debt description, the cancellation date and the amount of debt canceled. For more information, we suggest contact your own tax advisor or the IRS at 1-800-829-1040 or go to IRS.gov.
Chase will mail your tax forms to you as the forms become available. While we mail tax forms by January 31st, it isn’t always possible to combine them into a single mailing.
The IRS only requires us to send you this form when we cancel $600 or more of your principal balance debt in a calendar year.
We cannot provide tax advice. We suggest you contact your own tax advisor or the IRS at 1-800-829-1040 or go to IRS.gov.
Chase sends Form 1099-MISC to customers and vendors by January 31 for miscellaneous payments totaling $600 or more made during a tax year. The federal government doesn’t require Chase to send tax information if you received payments of less than $600.
The IRS requires us to send you this form when we pay you certain types of income such as incentives to sell your home for less than the balance of your mortgage loan, to release your property to us or to relocate. We may also send you Form 1099-MISC if we send you a check or apply credits to your mortgage loan related to a correction. Please refer to the letter you received for details as to why a correction was performed.
We cannot provide tax advice. We suggest that you contact your own tax advisor, or the IRS at 1-800-829-1040 or go to IRS.gov.
We’ll send you Form 1099-MISC (Miscellaneous Information), if required by the IRS. While checks may include co-borrowers, Form 1099-MISC is sent only to the primary borrower on the account. If you receive Form 1099-MISC, and you’re not tax responsible for the full amount on that form, please consult the Form 1099-MISC instructions for more information about how to file Form 1099-MISC in these situations. Please see the Who Must File section of the IRS General Instructions for Certain Information Returns at IRS.gov. If you have questions about how this affects your tax return, you can call the IRS at 1-800-829-1040 or contact your own tax advisor.
To change the Social Security number or TIN on your account, we must receive a completed and signed Form W-8BEN (Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding) or Form W-9 (Request for Taxpayer Identification Number and Certification) from any customer on the account who is requesting the change. These forms are available at IRS.gov.
Submit your written request and any supporting documents to:
