A great reason to own a home is the potential tax advantage. The interest on your mortgage payments may be tax deductible.

GMAC Mortgage will mail your IRS Form 1098, Mortgage Interest Statement by the end of January of the following year. A copy will also be sent to the IRS.

You can check your 1098 online, in the "My Account" area of this site, by logging in. If you don't have a log in, please register. You will need your loan number to create a registration and access your account.

Once you're in "My Account," click on "Account Details" for your loan. The link for "1098 Statement" is on the left side of the page.

You can find the amount you paid in interest on your IRS Form 1098. If you have an escrow account set up to pay your real estate taxes, the form will indicate real estate taxes paid. If you moved in the last year, the form will show points paid on the purchase of your principal residence.

For a detailed description of home mortgage interest and information on potential tax deductions, see IRS Publication 936 at http://www.irs.gov/publications/p936/ar02.html.

The information provided here is for informational purposes only; consult a tax advisor regarding the deductibility of interest.