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BCES
New Member

Form 1098, box 10....I entered Tax amount , but there is also an Insurance amount ....where do I enter that?

 
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rjs
Level 15
Level 15

Form 1098, box 10....I entered Tax amount , but there is also an Insurance amount ....where do I enter that?

If the insurance amount is in box 10 it's probably homeowners insurance, which is not tax deductible. You don't enter it anywhere. The lender just showed it for your information. Private mortgage insurance (PMI), which is tax deductible, would be in box 5 and you would enter it on the same screen where you enter the other information from the 1098.

 

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rjs
Level 15
Level 15

Form 1098, box 10....I entered Tax amount , but there is also an Insurance amount ....where do I enter that?

If the insurance amount is in box 10 it's probably homeowners insurance, which is not tax deductible. You don't enter it anywhere. The lender just showed it for your information. Private mortgage insurance (PMI), which is tax deductible, would be in box 5 and you would enter it on the same screen where you enter the other information from the 1098.

 

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Carl
Level 15

Form 1098, box 10....I entered Tax amount , but there is also an Insurance amount ....where do I enter that?

Property insurance on your primary residence, 2nd home, vacation home or any other "pursonal use" type of real estate is not deductible anywhere, and never has been.

If you're asking this question for rental property that you own, then you'll deal with the property insurance cost later, when you get to the rental expenses section of the SCH E part in the program.

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