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The End-of-Year Documents You Need to Review & Save

The beginning of the year marks the start of tax season and the arrival of a variety of year-end financial documents into your email inbox or mailbox. It can be a lot to sift through, so here are a few key documents you’ll want to look out for and save, especially as a homeowner.

Your mortgage’s year-end tax statement (Form 1098)

This is a key tax document that summarizes the previous 12 months of your mortgage expenses. It’s usually something homeowners need when they file their taxes to determine their mortgage interest deduction. It also states property taxes, mortgage points, and mortgage insurance premiums that were paid, which may also be deductible.

If you’re a Mr. Cooper customer, your year-end tax statement will be available online or via the Mr. Cooper mobile app around the middle of January, or mailed to you by January 31. If your mortgage was transferred to Mr. Cooper from another lender, then you will receive two year-end tax statements, one from each lender. For more information on how to access your Mr. Cooper statements online or via our app, click here.

NOTE: Puerto Rico has state specific tax forms and Mr. Cooper reports directly to the government, as required.

W2s and 1099s

Homeowner or not, these forms are crucial to collect for reporting your income. You should automatically receive them via mail or online delivery, depending on the company issuing them. If you’re self-employed, work multiple jobs, have changed jobs in the last year, or freelance, make sure that you account for, and save, all of the related documents. Employers and organizations you contracted with have until January 31 to send you your tax forms.

Homeownership credits

The IRS often provides tax credits related to homeownership that can be beneficial to you. These can sometimes include credits for qualified energy property upgrades, safety items, or changes to make your home more energy efficient. Saving receipts for any home improvement is generally a good rule of thumb. In addition to helping you keep track of when you made home upgrades, you can use these records to discuss what may be tax deductible as a homeowner with your accountant or tax professional.

You can learn more about both credits and limits by reviewing IRS guidelines here. For more information on your year-end tax statement, click here to read answers to common questions from Mr. Cooper customers.