With the new boxes on Form 1098, the IRS is collecting more data on home mortgage interest.
Lenders must now report the amount of principal outstanding at the start of the year, the mortgage origination date and the address of the property securing the loan.
The idea is to help the Service better police the mortgage interest deduction rules, limit your options and to allow the IRS monitor cash-out financings, an area considered ripe for potential noncompliance.