rbynaker
Level 14
03-04-2021
05:32 PM
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Not necessary at all. W-2 and 1099-R info gets transmitted so that stuff IS important. The 1098 entries are for preparer convenience.
I don't usually bother with them but I do have a few clients with multiple rental properties and it helps me keep my sanity. 🙂 Chase x234 goes to E#1, Suntrust goes to E#2, WF goes to E#3, this other Chase x567 goes to E#4, and BofA goes to Sch A. Then, inevitably we reach, "but wait, why is there a second WF this year?" and then find out that Chase #2 was refinanced mid-year with Dinky Local Bank and then sold off to WF a month later.
Rick