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Dollar amount for a paid-off loan reported on a 1098
January 30, 2024
Q. We issue 1098 for mortgage loans with the government. The recipient pays off the loan in June of 2023. I place the interest amount in box 1 of the 1098. Do I use the amount of the loan due from Jan 01, 2023?
A.
(Answered by IOFM's third-party tax experts)
Yes, the dollar amount as it was on January 1, 2023.
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