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Tuesday, August 04 2015

Congress passed a new law requiring mortgage companies to report additional information to the IRS.  The new information includes the address of the mortgaged property, the outstanding principal amount of the loan, and the loan origination date. 

These changes are effective for statements pertaining to the 2016 tax year, meaning that they are effective for returns filed in March/April 2017.  Mortgage statements received in 2016 for the 2015 tax year are not subject to the new reporting requirements.

Posted by: AT 11:21 am   |  Permalink   |  Email