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mehranariani
Level 2

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.

3 Replies
MaryM428
Level 10

Confusion about box 7 on Form-1098

If the address of the property securing the mortgage is the same as the payer’s/borrower’s mailing address, either check the box or leave the box blank and complete box 8. If the address or description of the property securing the mortgage is not the same as the payer’s/borrower’s mailing address, complete box 8.

 

In your case, leave Box 7 unchecked.

mehranariani
Level 2

Confusion about box 7 on Form-1098

Thank you

yeongsoong
New Member

Confusion about box 7 on Form-1098

HI,

 

I have the same problem. If Box 7 is unchecked as you suggested, later on TT asks "Is this loan secured by a property of yours?". What's the answer to this?

 

If check "Yes, this loan is secured by a property of mine", my tax goes up.

if check "No, my loan isn't secured", then tax decreased which is expected.  Can you please elaborate that why the loan is not secured by the property?

 

Thanks,

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