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Confusion about box 7 on Form-1098
We refinanced our home in November of 2020. Previously we had two mortgages on the house and for years we received the both lender's 1098 form with box 7 unchecked and box 8 populated with our address. For 2020 we also received the third form-1098 for only one month payment from the refinanced lender (the combined our two mortgages in one).
In the form 1098 provided by the refinanced lender Box 7 is checked and box 8 is empty. When I tell TurboTax box 7 is checked the amount I owe to Federal government goes up by thousands of dollars. I am a bit confused why this happens and only for one month payment statement.
‎April 14, 2021
3:06 PM