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Level 2
January 27, 2022
Question

1098 Box 7

  • January 27, 2022
  • 3 replies
  • 22 views

I've searched but can't seem to find this specific answer.  I have two 1098's for mortgage interest.   

The first one - was the original loan.  Box 7 is not checked.

The 2nd one is - refinanced loan.  Box 7 is checked. 

I have read on the boards that Box 7 is just verifying that this is the house I live in so why is Box 7 not checked on my first 1098?  And yes it does have my address in Box 8 BUT if I check it on turbo tax, it increases my tax return. Unchecked decreases my return.  Why would that change my return if it is only verifying the address??

3 replies

Level 15
January 27, 2022

Box 7 unchecked but box 8 with your residential address is equivalent to box 7 checked. This means that the loan is secured by your residential home and makes the mortgage interest deductible.

 

In your case, in TurboxTax, you should check box 7 for both forms 1098.

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Level 2
January 27, 2022

That is what I thought but I questioned if it was unchecked because it was the "previous loan" and not the current loan.  Thank you for your help.

Level 15
January 27, 2022

Some banks always leave box 7 unchecked and fill the address of the home which secures the loan in box 8.

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