I have a 1098 form, and an FHA loan. On Turbo tax, it asks for "Box 5 Mortgage Insurance Premiums," and below another box asking for "property taxes paid." On my 1098 form, "box 5" is empty, but below the "boxes" is a "disbursement activity for 2017" and lists the following: FHA/Conv Mortg Ins, Hazard Insurance, Property taxes, and Escrow refund" (along with amount coinciding to all).
Question is, do I combine the FHA/Con Mort. Isn and Hazard Insurance, to input into Turbo Tax as the "Box 5 Mortgage Insurance Premiums?" And same for the Property taxes listed on the 1098, would I input those into Turbo Tax where it's asking?
You'll need to sign in or create an account to connect with an expert.
You do not add anything in your 1098, Box 5. Mortgage Insurance Premiums is a specific type of mortgage insurance taken out to guarantee the payment of the loan. It is not related to the normal insurance on a home referred to in the disbursement activity. The IRS does not allow us to deduct these expenses on our homes.
Yes, you will input the Property tax figure in the Property Tax box in this 1098 form on TurboTax.
https://ttlc.intuit.com/questions/2900645-can-i-deduct-my-homeowner-s-insurance
You do not add anything in your 1098, Box 5. Mortgage Insurance Premiums is a specific type of mortgage insurance taken out to guarantee the payment of the loan. It is not related to the normal insurance on a home referred to in the disbursement activity. The IRS does not allow us to deduct these expenses on our homes.
Yes, you will input the Property tax figure in the Property Tax box in this 1098 form on TurboTax.
https://ttlc.intuit.com/questions/2900645-can-i-deduct-my-homeowner-s-insurance
to get instant solution
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
solankinb
New Member
joshmor774
Returning Member
hellotax1111
Level 3
garayitxaso
New Member
SoarHighBeFree
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.