1098 Mortgage Interest Box 7 Not checked and no address in Box 8

[FrankOH417]

So on my 1098 Mortgage Interest statement from my mortgage company, Box 7 is NOT checked (stating property address securing mortgage is same as borrowers/payees address), but there is NO address in box 8, only the CITY/STATE/ZIP.  

Somehow I don't think the whole city is collateral for my personal home mortgage <grin> 🙂  It's where I live, no other property involved.

I looked back on last year's 1098, and box 7 WAS checked.

I called the mortgage company to question it, but the customer service person was pretty much in the dark.

How should I enter this in TurboTax?

Any insight would be helpful.

Thanks.

[MarilynG1]

You are correct; if Box 7 is unchecked, your address should be in Box 8.

You can check Box 7 on your 1098 Mortgage Interest Statement, if this is the mortgage for your principal residence and the address that should be in Box 8 is your Principal Mailing Address.

Click this link for more info on 1098 Box 7.

[FrankOH417]

Hi.  Thanks for your reply, but I can't (shouldn't) alter the actual paper form that the mortgage company sent me, and I'm assuming I shouldn't check box 7 in my TurboTax program if it's NOT checked on the real form 1098 my mortgage company sent.

My property address is my only owned property, and it is my only residence. So, box 7 SHOULD be checked.

In my opinion, I'd either need a corrected form from the mortgage provider, which I've called and the customer service rep just said she'd mention to other people there what I thought was a mistake (I'm sure nothing will happen), or I have to leave box 7 unchecked in my TurboTax program, with no address in box 8, which TurboTax complains about understandably. It states "This is a very unusual circumstance."

Guess I'm between a little rock and a hard place in this situation.  I have to mark what is (or in this case isn't) on the actual tax form, but TurboTax doesn't like it.  And I'm guessing I'm not going to get a corrected form from the mortgage company :(    I think I should, because the last couple years I looked back on, box 7 IS checked on the 1098 from the mortgage company, just not this year for some odd reason <sigh>

Thanks again for the input.

[JoannaB2]

Yes, you may not alter 1098 Mortgage Interest Statement or any tax documents. The 1098 Morgage Interest statement reports mortgage interest paid, property tax, and private mortgage insurance, if any.  

Mortgage lender either checked box 7 to confirmed the property and borrower's address were the same while some checked box 7 and enter the property address as well on box 8.. They're both the same as long as the address on your statement matched your home,  

[FrankOH417]

Hi. Thanks for your reply.  Your last paragraph is what my problem is about though.

The mortgage lender did NOT check box 7, and there is NO address in box 8 (only city/st/zip ... no street address).  One or the other should be done is how I understand it. TurboTax is having a little issue with box 7 NOT being check, and no full address in box 8, as it should 🙂

That's what I'm questioning.   All previous years had box 7 checked, but not this year. I'm guessing it's a mistake on the mortgage lender's part, but they are proving to be of no help.

Thanks again for your assistance.  Have a good day.

[DianeW777]

If your Form 1098 mortgage statement does not check Box 7, do not check it when you enter it in TurboTax. Be sure to go back to remove any information you entered after checking Box 7 or delete the form entirely, then reenter the information without box 7 being checked. As long as your mortgage is secured by your main home or second home, with some exceptions, it is deductible.  TurboTax will wall you through the required questions.

It's not necessarily a mistake on the lender's part, however let's confirm the necessary information. Most importantly, mortgage interest is allowed to be deducted for for your main home and, if applicable, your second home.

• A home mortgage is any loan that is secured by your main home or second home, regardless of how the loan is labeled. It includes first and second mortgages, home equity loans, and refinanced mortgages. For more information about how much you can deduct or other limitations for refinance or other situations you can check the Instructions for Schedule A.

[SKIPPER4602]

I have the same question regarding box 8 as a previous user:

"The mortgage lender did NOT check box 7, and there is NO address in box 8 (only city/st/zip ... no street address)."

Is this the secure property or not.  This area is the only thing preventing taxes to be completed. Thanks in advance. 

[DMarkM1]

In TurboTax leave box 7 empty and answer the follow on question that the loan was secured by a property of yours.  If it is not secured by a property of yours then the error will pop and you will need to delete the 1098.