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

[rchennoj]

I have similar situation, I got three 1098 forms as I did two refinancing on my primary home.

Two of them have Box#7 unchecked and the Third has Box#7 checked.

For the third 1098 entry in TT I tried entering with Box#7 checked and unchecked there is a $100 difference in the tax I owe to state (CA). Looks like the tax treatment by TT is not the same for box checked vs unchecked.

Please clarify

[DaveF1006]

It depends. 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. That shouldn't have anything to do with the difference  in the tax owed to California. I would combine all 1098's into one and leave Box 7 unchecked. When you combine, put the most current mortgage loan amount that is still outstanding. Combine both interest rates into the one statement.

[casmel]

Turbo Tax should revisit this particular UI flow. A lot of us have box 7 unchecked in our 1098 and we freak out when clicking next and seeing our deduction decrease substantially in the estimate (before reaching the follow-up question mentioned by DaveF1006).

Thanks for clarifying  DaveF1006

[onecupper]

go to the irs site: https://www.irs.gov/pub/irs-pdf/f1098.pdf

it is saying if your mortgage is secured by this house, you would check yes.

[Vanessa A]

Do you live in the property that you received the 1098 for?  If not, and the mortgage company had a different address they would check box 7 and enter the property address in box 8.

  Your home address is listed under borrowers address. So if it is the same address of the property, there is no need to check box 7. 

[zgozvrm]

Clear as mud!!!

Intuit should review the tax forms each year and make the appropriate changes to their software (both online and offline versions) to avoid such confusion.