If your Form 1098 mortgage statement does not check Box 7, do not check it when you enter it in TurboTax. Be sure to go back to remove any information you entered after checking Box 7 or delete the form entirely, then reenter the information without box 7 being checked. As long as your mortgage is secured by your main home or second home, with some exceptions, it is deductible. TurboTax will wall you through the required questions.
It's not necessarily a mistake on the lender's part, however let's confirm the necessary information. Most importantly, mortgage interest is allowed to be deducted for for your main home and, if applicable, your second home.
- A home mortgage is any loan that is secured by your main home or second home, regardless of how the loan is labeled. It includes first and second mortgages, home equity loans, and refinanced mortgages. For more information about how much you can deduct or other limitations for refinance or other situations you can check the Instructions for Schedule A.
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