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If the interest expense is deductible, is it necessary for the yacht owner to receive a Form 1098 from the lender to be able to claim the decution?

April 26, 2017deductible expense form Lender necessary owner Yacht

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If the interest expense is deductible, is it necessary for the yacht owner to receive a Form 1098 from the lender to be able to claim the decution?

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Form 1098 is not necessary in order to receive the qualified interest dection. In accordance with IRS instructions for Schedule A, form 1040, if the taxpayer does not receive From 1098, deductible mortgage interest should be reported in line 11 instead of line 10 on Schedule A.