topic What is box 7 of the mortgage interest 1098 asking? Why would I check it? Why would I leave it unchecked? in Deductions & credits

What is box 7 of the mortgage interest 1098 asking? Why would I check it? Why would I leave it unchecked?

jajl218 — Sat, 01 Jun 2019 15:05:40 GMT

I just want to know whether I need to put a check in the box 7 of the 1098 mortgage interest statement.

That is not the way I interpret the question. First, the...

retiree — Sat, 01 Jun 2019 15:05:42 GMT

That is not the way I interpret the question.
First, the OP does not state where they are reading the question for box 7 ---the actual 1098 form or the TTax screen.

When I input my own 1098 information TTax simply asks IF "Box 7 is checked" --in other words TTax simply asks what did your lien holder enter on the 1098.

For box 7, the check-box means that the property securing the mortgage is the same as "PAYER'S/BORROWER's" address; OR the address is entered in box 8.

Since I LIVE at the address on the 1098 the box is NOT checked.

Box 7 of the mortgage interest form 1098 is asking if the...

IreneS — Sat, 01 Jun 2019 15:05:44 GMT

Box 7 of the mortgage interest form 1098 is asking if the house you have the mortgage on is where you live. If it is, check the box.

If you live somewhere else (for example, if this loan is on a rental property), don't check the box.

Re: What is box 7 of the mortgage interest 1098 asking? Why would I check it? Why would I leave it unchecked?

JulieM1 — Mon, 03 Feb 2020 22:55:52 GMT

I live at the property I have my mortgage on. The 1098 I got from the bank only has words in box 7, not a check box. I think I check the box when entering into TurboTax, but I am confused. What do I do?

Re: What is box 7 of the mortgage interest 1098 asking? Why would I check it? Why would I leave i...

KurtL1 — Tue, 04 Feb 2020 03:57:59 GMT

You should enter in TurboTax exactly what is on the Form 1098. The form has been reported to the IRS as you received it.

Box 7 is checked if the mailing address that is on the Form 1098 is the same as the address of the property that is securing the home mortgage loan. If the box is not checked then the mortgage company should have entered the address in Box 8.

Re: What is box 7 of the mortgage interest 1098 asking? Why would I check it? Why would I leave i...

Becks88 — Mon, 10 Feb 2020 15:10:54 GMT

Just to claify...so if Box 7 just refers to box 8, and the address in Box 8 is your primary residence, you check box 7 in TurboTax?

And if you have more than one 1098, and the other one also has no check mark, but refers to Box 8...and that is your OLD address, do you leave Box 7 unchecked for that 1098?

Re: What is box 7 of the mortgage interest 1098 asking? Why would I check it? Why would I leave i...

JohnW222 — Mon, 10 Feb 2020 15:53:53 GMT

As KurtL1 states above, just enter whatever is on your Form 1098 into TurboTax. There's no need for interpretation -- what you enter into TurboTax should be exactly what's on Form 1098.

Re: What is box 7 of the mortgage interest 1098 asking? Why would I check it? Why would I leave i...

Becks88 — Mon, 10 Feb 2020 16:01:02 GMT

Thanks, but the confusion is that Turbo Tax only allows you to check the box, or not

The forms have words (referring to Box 8 )

So it is impossible to enter it exactly as on form

Re: What is box 7 of the mortgage interest 1098 asking? Why would I check it? Why would I leave i...

KarenJ2 — Mon, 10 Feb 2020 17:19:18 GMT

The IRS instruction for box 7 is this: If address of property securing mortgage is the same as PAYER’S/BORROWER’S address, check the box, or enter the address or description in box 8.

I would leave box 7 unchecked (answer N0 to the question) and enter the address in

box 8.

If the address in box 8 is your principal residence or your second home, you can claim mortgage interest reported on your form 1098.

Re: What is box 7 of the mortgage interest 1098 asking? Why would I check it? Why would I leave i...

jcloud78 — Sun, 16 Feb 2020 18:53:13 GMT

I think the question is:

If I live at the address for the mortgage

AND

Box 7 isn't checked on my 1098
AND

Box 8 is filled with my address

AND

I tell TurboTax that "box 7 isn't checked"

THEN

How does TurboTax know to claim the deduction correctly since it never asks if there is an address in Box 8 and whether it really matches my primary residence?

I'd like to know this as well, TBH. Thanks

Re: What is box 7 of the mortgage interest 1098 asking? Why would I check it? Why would I leave i...

DaveF1006 — Sun, 16 Feb 2020 19:27:13 GMT

Question #7 is confusing to people. The reason it is asked is that you The mortgage origination date reported in new Box 3. New Box 7 asks whether the address of the property securing the mortgage is the same as the borrower's address shown on the form.

The only difference that it makes is that if it is not checked, then the program will ask you an additional question, "is this loan secured by a property of yours." If you say yes, then you will receive the deduction. the program doesn't ask your address matches your primary address.

As you go through the question, it program says,"If your loan is secured, usually on your 1098 there's an address in Box 8 or Box 7 is checked." If Box 7 is not checked, there should be a address in Box 8 of the 1098. Turbo Tax doesn't require you to add this if this is the case but if the IRS questions this, you will a hard copy of the 1098 showing the address in Box 8 if you need proof.

Re: What is box 7 of the mortgage interest 1098 asking? Why would I check it? Why would I leave i...

Lucka — Tue, 19 May 2020 04:15:04 GMT

For the people that keep saying: Just do what is on the form, no interpretation needed

The problem is that the 1098 that we receive does not present a checkbox or any checks. All it says is: "7 The address of the property securing the mortgage will be entered in box 8 and may be the same as Payers/borrowers address. See box 8 below"

There are no checkboxes or checks.

And the problem is that TT asks whether box 7 is checked. It's like asking if the box where your social security number is checked or not. And to that I say, uhhh, no, that makes no sense.

Anyhow, DaveF1006 answered the question. Thank you!

Re: What is box 7 of the mortgage interest 1098 asking? Why would I check it? Why would I leave i...

lthyen — Tue, 23 Feb 2021 21:32:23 GMT

So - I refinanced in 2020. I got one 1098 from my original mortgage company and my payer/borrower address is the address of the property securing the mortgage, so you'd think Box 7 would be checked, but it is NOT and the SAME ADDRESS listed on PAYER/BORROWER is typed in Box 8. The second 1098 I received from the refinanced mortgage has Box 7 "checked". I also notice there is a tax implication when I either check or un-check box 7. A bit confused. Any help? @DaveF1006

Re: What is box 7 of the mortgage interest 1098 asking? Why would I check it? Why would I leave i...

MarilynG1 — Tue, 23 Feb 2021 21:49:14 GMT

@lthyen If the property securing the loan is your home, either Box 7 should be checked or the mailing address shown should be the same address as the property. This comes into play when you have a 1098 for a Rental Property, for example, or a loan for a home you no longer own.

If your first 1098 has Box 7 unchecked, but the mailing address is your home address, that's fine. If your second 1098 has Box 7 checked, but no mailing address is entered, that's correct too.

Enter your 1098 as received.

Click this link for more info on Box 7 of Mortgage Interest Statement.

Re: What is box 7 of the mortgage interest 1098 asking? Why would I check it? Why would I leave i...

flagatorsAT2004 — Wed, 03 Mar 2021 03:32:17 GMT

This is the best answer & explanation, worked perfectly for me and I got the interest deduction for both my original 1098 home loan and my refinanced 1098 home loan.

Re: What is box 7 of the mortgage interest 1098 asking? Why would I check it? Why would I leave i...

rchennoj — Sun, 02 May 2021 18:52:15 GMT

I have similar situation, I got three 1098 forms as I did two refinancing on my primary home.

Two of them have Box#7 unchecked and the Third has Box#7 checked.

For the third 1098 entry in TT I tried entering with Box#7 checked and unchecked there is a $100 difference in the tax I owe to state (CA). Looks like the tax treatment by TT is not the same for box checked vs unchecked.

Please clarify

Re: What is box 7 of the mortgage interest 1098 asking? Why would I check it? Why would I leave i...

DaveF1006 — Wed, 05 May 2021 00:35:54 GMT

It depends. Box 7 is checked if the mailing address that is on the Form 1098 is the same as the address of the property that is securing the home mortgage loan. That shouldn't have anything to do with the difference in the tax owed to California. I would combine all 1098's into one and leave Box 7 unchecked. When you combine, put the most current mortgage loan amount that is still outstanding. Combine both interest rates into the one statement.

Re: What is box 7 of the mortgage interest 1098 asking? Why would I check it? Why would I leave i...

casmel — Fri, 14 May 2021 21:33:18 GMT

Turbo Tax should revisit this particular UI flow. A lot of us have box 7 unchecked in our 1098 and we freak out when clicking next and seeing our deduction decrease substantially in the estimate (before reaching the follow-up question mentioned by DaveF1006).

Thanks for clarifying DaveF1006

Re: What is box 7 of the mortgage interest 1098 asking? Why would I check it? Why would I leave it unchecked?

onecupper — Wed, 16 Mar 2022 20:25:14 GMT

go to the irs site: https://www.irs.gov/pub/irs-pdf/f1098.pdf

it is saying if your mortgage is secured by this house, you would check yes.

Re: What is box 7 of the mortgage interest 1098 asking? Why would I check it? Why would I leave i...

Vanessa A — Wed, 16 Mar 2022 20:35:37 GMT

Do you live in the property that you received the 1098 for? If not, and the mortgage company had a different address they would check box 7 and enter the property address in box 8.

Your home address is listed under borrowers address. So if it is the same address of the property, there is no need to check box 7.