Tax Question - (1 Viewer)

[cubd8]

Doing my taxes and entering in my mortgage information....mortgage interest, outstanding mortgage principal and I get this statement"

How do I confirm if my loan is secured? I have a standard 30 year loan....nothing unusual so not sure if I should say it is secured.

It turns out your mortgage interest for this loan isn't deductible. 

Mortgage interest is only deductible on secured loans. To qualify, the loan must also be secured by the property it was used to buy, build, or improve.

From the info you gave us, it looks like your loan isn’t secured by the property it was used to buy, build, or improve, so we can’t deduct your mortgage interest.

 

[cubd8]

How to tell if your loan is secured

Check your Form 1098. If your loan is secured, either Box 7 will be checked or there will be an address in Box 8. That’s the address of the property that secures the loan.

If Box 7 is not checked and Box 8 is blank on your 1098, or if you have any questions, we recommend giving your lender a call to confirm.

**

On my mortgage tax form, Box 7 is NOT checked, but Box 8 does have my current address listed.

This leaves me to believe my loan is secured??

 

[DaVinci]

Yes, the house is your security for your mortgage. If you don't pay your mortgage, the lender takes your house.

 

[Juxtatarot]

How to tell if your loan is secured

Check your Form 1098. If your loan is secured, either Box 7 will be checked or there will be an address in Box 8. That’s the address of the property that secures the loan.

If Box 7 is not checked and Box 8 is blank on your 1098, or if you have any questions, we recommend giving your lender a call to confirm.

**

On my mortgage tax form, Box 7 is NOT checked, but Box 8 does have my current address listed.

This leaves me to believe my loan is secured??

Yes

 

[Long Ball Larry]

How to tell if your loan is secured

Check your Form 1098. If your loan is secured, either Box 7 will be checked or there will be an address in Box 8. That’s the address of the property that secures the loan.

If Box 7 is not checked and Box 8 is blank on your 1098, or if you have any questions, we recommend giving your lender a call to confirm.

**

On my mortgage tax form, Box 7 is NOT checked, but Box 8 does have my current address listed.

This leaves me to believe my loan is secured??

yes.

i also found the wording of this one a little odd at first for some reason in turbotax.  don't remember it ever coming up before that way.  but definitely yes, as davinci pointed out.