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How do I report the impound on taxes? The Smith's own their home. They...

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Accounting

How do I report the impound on taxes?

The Smith's own their home. They provided to you a Form 1098 with the mortgage interest paid by them to Rocket Mortgage. The total interest was $14,000. Additionally, the property taxes were impounded by Rocket Mortgagee and were $4,500 for the year.

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Interest You Paid Caution: Your mortgage interest deduction may be limited (see instructions). 8 Home mortgage interest and points. If you didn't use all of your home mortgage loan(s) to buy, build, or improve your home, see instructions and check this box a Home mortgage interest and points reported to you on Form 1098. See instructions if limited b Home mortgage interest not reported to you on Form 1098. See instructions if limited. If paid to the person from whom you bought the home, see instructions and show that person's name, identifying no., and address . 8 8b c Points not reported to you on Form 1098. See instructions for special rules d Mortgage insurance premiums (see instructions). e Add lines 8a through 8d 9 Investment interest. Attach Form 4952 if required. See instructions. 10 Add lines 8e and 9 8c 8d 8e 9 10

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