How to Get Your PNC Mortgage Tax Statement and Key Details

Tax season requires homeowners to gather essential financial documents, including their mortgage tax statement. This form reports mortgage interest paid throughout the year, which may be deductible on a tax return.

Understanding how to access this document and what details it includes ensures a smooth filing process.

How to Obtain the Statement

PNC provides mortgage tax statements online and by mail. Customers enrolled in online banking can access the document by logging into their PNC account under “Tax Documents.” Statements are typically available by late January, in line with IRS deadlines.

For those preferring a mailed copy, PNC automatically sends paper statements to the address on file. If the document has not arrived by early February, an outdated mailing address or postal delays may be the cause. Customers should update their contact details through PNC’s online portal or by calling customer service.

Homeowners who refinanced or transferred their mortgage to PNC may receive multiple tax statements. If another lender serviced the loan earlier in the year, a separate form from that lender will be required to report the full interest paid. Those who refinanced mid-year should ensure they have all necessary statements to avoid underreporting deductible interest.

Key Information on the Form

The PNC mortgage tax statement, typically issued on IRS Form 1098, includes financial details for tax reporting. The most important figure is the total mortgage interest paid during the year, listed in Box 1. This amount reflects only interest, not principal payments.

If PNC manages an escrow account, Box 5 may include property tax payments made on the homeowner’s behalf. While deductible, property taxes are subject to the $10,000 cap on state and local tax (SALT) deductions under current IRS regulations.

Discount points paid to lower the loan’s interest rate appear in Box 6. These may be deductible in the year they were paid, but eligibility depends on whether the loan meets IRS criteria for a qualified mortgage. If the loan was refinanced, the deduction may need to be spread over the loan’s term rather than taken all at once.

Claiming Mortgage Interest

Homeowners who itemize deductions may be able to deduct mortgage interest, reducing taxable income. The deduction is claimed on Schedule A of Form 1040. To benefit, total itemized deductions must exceed the standard deduction, which for 2024 is $14,600 for single filers and $29,200 for married couples filing jointly.

The deductible interest amount depends on the loan’s origination date and balance. Under current IRS rules, mortgage interest is deductible on loans up to $750,000 for those who purchased or refinanced after December 15, 2017. Loans established before that date follow the previous $1 million limit. These thresholds apply to combined mortgage debt across primary and secondary residences, meaning interest on vacation homes may also be deductible.

How loan proceeds were used can also affect deductions. If funds from a cash-out refinance were spent on home improvements, the interest may be deductible. However, if the money was used for personal expenses, that portion is generally not eligible. Homeowners should keep records of how loan proceeds were used in case of an IRS audit.

Paper vs. Electronic Formats

Choosing between paper and electronic tax documents affects convenience and security. Electronic statements are available sooner and can be accessed through PNC’s online banking portal. They also integrate with tax software, reducing manual entry errors.

Security is another factor. Electronic statements are encrypted and stored within online banking portals, while mailed documents can be lost or stolen. Identity theft risks have increased, with fraudsters targeting mailed tax statements. Keeping digital copies in encrypted storage or a secure cloud service ensures accessibility while minimizing exposure to unauthorized access.

Correcting or Updating the Form

Errors on a mortgage tax statement can cause tax return discrepancies. If any information appears incorrect, such as reported interest or property tax amounts, borrowers should compare the statement with their own records before contacting PNC.

For name or address corrections, updating personal information with PNC may be sufficient. If financial figures are incorrect, a corrected Form 1098 may be required. PNC issues amended statements if an error is confirmed, though processing times vary. If a correction is needed after filing taxes, an amended return using Form 1040-X may be necessary. Taxpayers should consult a professional if adjustments affect deductions.

Contacting PNC for Assistance

If issues arise with obtaining, understanding, or correcting a mortgage tax statement, PNC’s customer service can help. The bank offers phone support, secure messaging through online banking, and in-person assistance at branch locations. Calling the mortgage servicing department directly is often the fastest way to resolve tax-related inquiries.

For complex issues, such as missing statements due to loan transfers or discrepancies in reported amounts, requesting a detailed account history may help clarify the situation. PNC representatives can provide payment breakdowns, escrow disbursement records, and other supporting documents. If delays occur in receiving a corrected form, keeping detailed notes of interactions with customer service, including reference numbers and representative names, can be useful for follow-ups.