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posted Mar 30, 2022 12:10:35 PM

Form 1098, if box 7 is not checked, but it has the address in box 8, do I say that box 7 is checked, since the form says this box will be checked OR the address in box 8?

The exact text is "If address of property is securing mortgage is the same as PAYER'S/BORROWER'S address, the box is checked, or the address or description is entered in box 8."
Box 8 does have the address, but box 7 is not checked.

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3 Replies
Expert Alumni
Mar 30, 2022 12:27:40 PM

If the address in box 8 is the same as the payers/borrowers address, then yes, you can put a check mark in box 7. 

Level 1
Mar 22, 2023 1:07:03 PM

Mine has roughly the same verbiage in box 7, but the address in box 8 is my physical address, which is not the same as my mailing address on the 1098 (a post office box). I don't see anywhere to enter the physical address whether I say box 7 is checked or not.  Should I say it is not checked?

Expert Alumni
Mar 22, 2023 1:29:46 PM

If the address in Box 8 is the same property that secures the mortgage, you can check the box in #7.   You just want to make sure that you indicate that the mortgage is secured. It is a requirement to deduct mortgage interest which means the lender has some kind of guarantee of payment, usually in the form of property.  If a borrower defaults on payments, the lender can seize the property that’s securing the loan. If you’re buying or refinancing a home, especially if it’s your first home, the loan is usually secured by the home you’re buying or refinancing.   

 

If you leave box 7 unchecked (which you can do), you will get prompted to answer the Is this loan secured by a property of yours? question.   Answering Yes there is the same as checking off box 7.   If you check the box, you don't get the follow-up question.  

 

@thedeke