The Internal Revenue Service is likely to postpone changes to its "Mortgage Interest Statement" information form (Form 1098) that would require lenders to flag high-LTV loans."Given the realities of the calendar, it is not likely that we would be able to implement this for tax year 1999," said IRS spokesman Don Roberts. The IRS wants lenders to identify possible high-LTV loans on the 1098 form so that borrowers do not believe that all mortgage interest paid is necessarily tax deductible. IRS officials originally wanted to implement the changes for tax year 1999, but now it looks as if the IRS will postpone the changes until tax year 2000.
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