On July 31st, H.R. 3236, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, was signed into law. This has caused major changes to important tax filing deadlines. These changes will affect broad categories of taxpayers for tax years beginning after December 31, 2015.
Here is one of the major changes that you need to be aware of:
Mortgage Reporting Requirements
Under this bill, lenders will be required to report additional information on Form 1098, which reports the mortgage interest that you have paid to borrowers. In addition to the existing requirements, lenders will also report the amount of outstanding principal on the mortgage at the beginning of the calendar year, the date the mortgage originated, and the address of the property securing the mortgage. [i] These requirements go into place in 2016, so you can expect to see a new form 1098 in 2017.
Under this bill, lenders will be required to report additional information on Form 1098, which reports the mortgage interest that you have paid to borrowers. In addition to the existing requirements, lenders will also report the amount of outstanding principal on the mortgage at the beginning of the calendar year, the date the mortgage originated, and the address of the property securing the mortgage. [i] These requirements go into place in 2016, so you can expect to see a new form 1098 in 2017.
Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, Pub. L. No. 114-41, https://www.congress.gov/bill/114th-congress/house-bill/3236/text.
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