Box 7 of the 1098 mortgage interest statement - can I say it is checked if box 8 has my home address?

[william-orejudos]

This has been asked a few times in the community and I am still not sure what the correct answer is. On my mortgage interest statement box 7 is not checked but box 8 has my home address. In the turbotax interview should I say that box 7 is checked? If I don't, how will turbotax know this mortgage is for my primary residence, and correct deduct the mortgage interest?

[rjs]

You can't say box 7 is checked if it's not. If box 7 is not checked, the next screen will ask if the loan is secured by your property. Since the address is in box 8, you will answer Yes. That's the same as if box 7 was checked.

[SharonD007]

No, leave box 7 empty. As long as your mortgage is secured by your main home or second home, with some exceptions, it is deductible.  TurboTax will walk you through the required questions and based on your answers will determine if the loan is for your primary residence.

When you answer the questions on the interview screen you will get to a screen that asks Is this loan secured by a property you own? Answer yes. If you want more information, I have copied the help link below for your review.

TurboTax FAQ

How can I tell if my loan is secured?

by TurboTax•Updated January 13, 2023

Check your Form 1098. If your loan is secured, either box 7 will be checked or there will be an address in box 8. That's the address of the property that secures the loan.

If box 7 isn't checked and box 8 is blank on your 1098, or if you have any questions, we recommend giving your lender a call to confirm.

The next screen will ask you What kind of property is this loan for? The choices are primary home, second home, or other. Based on your answers, TurboTax makes the determination if the loan is for your primary residence. 

For more information, please review the IRS Publication 936 (2022), Home Mortgage Interest Deduction.