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April 11, 2024
Question

On a 1098 I paid $5576 in Hazard Insurance but box 5 says 0.00

  • April 11, 2024
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1 reply

April 11, 2024

Box 5 is for Mortgage Insurance Premium.  That is policy that pays the lender if it turns out that you don't really have title to the property and stop paying the loan.  It is not currently tax deductible.  Hazard insurance is pays if a hail storm damages your roof or if your house burns down.  It is not deductible unless the property is a rental. 

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April 11, 2024

Thanks!