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dave20
New Member

My 1098 mortgage statement has "Yes" marked for Box 7 -- does this mean the property is secured?

 
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Accepted Solutions
TomK
Expert Alumni

My 1098 mortgage statement has "Yes" marked for Box 7 -- does this mean the property is secured?

Yes.  Only a loan secured by the home has tax deductible interest.

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.

[Edited 3/09/19 | 3:24pm]

View solution in original post

2 Replies
TomK
Expert Alumni

My 1098 mortgage statement has "Yes" marked for Box 7 -- does this mean the property is secured?

Yes.  Only a loan secured by the home has tax deductible interest.

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.

[Edited 3/09/19 | 3:24pm]

TomK
Expert Alumni

My 1098 mortgage statement has "Yes" marked for Box 7 -- does this mean the property is secured?

Please see updated answer.
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