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

[jajl218]

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

[retiree]

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.

[IreneS]

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.

[JulieM1]

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?

[KurtL1]

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.

[Becks88]

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?

[JohnW222]

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. 

[Becks88]

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

[KarenJ2]

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.

[jcloud78]

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

[DaveF1006]

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.

[Lucka]

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!

[lthyen]

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 

[MarilynG1]

@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. 

[flagatorsAT2004]

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.