The IRS has amended the 2018 Instructions for Form 1098 to make a change to reporting of acquisition points. The following was added to the last bullet point in "Exceptions" under "Points"
- "Generally, to acquire a principal residence to the extent the points are allocable to an amount of principal in excess of $750,000."
Previously the threshold was $1 million.
For more information see the announcement by clicking here.
About the Author
Paul Ogawa is a Junior Regulatory Counsel at Sovos Compliance. As part of the Regulatory Analysis team, his main areas of focus are state and federal tax withholding, the Affordable Care Act (ACA), and Canadian tax information reporting. Prior to Sovos, Paul worked as a litigation attorney in Boston area law firms, representing clients in insurance subrogation claims, family law matters, and employment disputes. Paul is a member of the Massachusetts Bar, earned his B.A. from Brandeis University and his J.D. from the Suffolk University Law School.More Content by Paul Ogawa