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#2160049 - 01/10/18 06:03 PM 1098 Question
HRH Okie Banker Offline
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Registered: 01/14/03
Posts: 2931
Loc: Oklahoma
1098 box 7 & 8 - why does the IRS want to know if the property securing the loan is the same as the payer's/borrower's address? Anyone know?

"Box 7. If the address of the property securing the mortgage is the same as the payer's/borrower's, either the box has been checked, or box 8 has been completed.

Box 8. This is the address or description of the property securing the mortgage."

I think ours printed out wrong because of the way we are using our system. I assume because this is our government that I'm going to have to fix a gazillion forms before they can be mailed out?
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#2160051 - 01/10/18 06:33 PM Re: 1098 Question [Re: HRH Okie Banker]
rlcarey Offline
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Registered: 07/16/01
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Loc: Galveston, TX
Because they may be using that to determine if the property is a primary residence.
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#2160054 - 01/10/18 06:44 PM Re: 1098 Question [Re: HRH Okie Banker]
HRH Okie Banker Offline
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Registered: 01/14/03
Posts: 2931
Loc: Oklahoma
Thank you. I've already started on cleanup. I couldn't stand them not being right.
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#2160416 - 01/12/18 04:57 PM Re: 1098 Question [Re: HRH Okie Banker]
John Burnett Offline

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Registered: 10/27/00
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Loc: Cape Cod
They are also providing a way to show the property securing the loan if the borrower uses a P O Box address.
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#2160419 - 01/12/18 05:00 PM Re: 1098 Question [Re: HRH Okie Banker]
rlcarey Offline
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Registered: 07/16/01
Posts: 64642
Loc: Galveston, TX
John, That is probably the real reason. Not sure why I didn't think of that. Old age is getting the better of me, I suppose smile
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#2160590 - 01/16/18 02:17 PM Re: 1098 Question [Re: HRH Okie Banker]
John Burnett Offline

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If old is age is getting the better of you, Randy, it's already gotten the worst of me.
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#2160935 - 01/18/18 03:13 PM Re: 1098 Question [Re: HRH Okie Banker]
Mel in WA Offline
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Registered: 03/05/13
Posts: 834
Another related 1098 question.....it has come to my attention that mortgage insurance premiums are not deductible for 2017. Does the bank still need to report/include MIPs on the 1098?

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#2160994 - 01/19/18 08:36 AM Re: 1098 Question [Re: Mel in WA]
Sinatra Fan Offline
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Registered: 07/19/02
Posts: 5538
Loc: New Jersey
The IRS instructions for the completion of 2017 Form 1098 indicate to report MI premiums received if they exceed $600. The instructions note that you should check the IRS web site for an update on whether Congress extended the deductibility of MI premiums. I checked the link, and there is no update referring to that provision.

So it appears that the latest instructions are to report MI premiums on the 2017 Form 1098. As to whether those premiums are deductible, that would be up to each taxpayer's tax preparer to determine.
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