Create and generate IRS tax form 1098 and IRS tax form 1099 for free

MANALAPAN, N.J. - Feb. 10, 2015 - PRLog -- Note Dashboard is proud to present a free option to all our users. You can now create and generate IRS tax form 1098 and IRS tax form 1099 for free on our site using our tax form generator using this link:

http://notedashboard.com/tax-forms/

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Why is it important to send out form 1098 to all borrowers?

The standard Form 1098 is the “Mortgage Interest Statement”. It will be issued early in the year by the company that is currently servicing a mortgage loan. Mortgage interest on first and second homes is generally deductible for taxpayers who itemize their deductions.

This form indicates the amount that was paid in interest the previous year, including prepaid “points” of interest, and may include other useful information, such as how much you paid for mortgage insurance and any property taxes paid by the mortgage company — both of which may also be deductible by the borrower.

If the borrower paid at least $600 in interest in a year, the mortgage servicing company is required to send out a copy of Form 1098 by January 31 of the following year. Even though the IRS requires for this form to be sent out if the borrower paid more than $600 in interest, it is highly recommended to send out this form to all borrowers being serviced by the mortgage servicing company.