Changes to the Property Screen

Changes to the Property Screen

We have added two new fields on the Property Address screen in order to report the property address or property description accurately for the Form 1098, the Annual Statement and the IRS 1098/1099 Export.

The Address Unavailable check box has been added to indicate the property address is not yet available.

  • If the Address Unavailable check box is selected, you must enter the name of the entity that is responsible for assigning the property address on Line 1 of the Property address and enter the property's Assessor Parcel Number (APN) on Property address Line 2.
  • Synonyms for the APN include Assessor's Identification Number (AIN), the Property Identification Number (PIN), the Property Account Number, and the Tax Account Number.
  • If the Address Unavailable check box is selected, Line 1 and Line 2 of the Property address will display in Box 9 - Property Description - of the IRS Form 1098.
  • If the Address Unavailable check box is not selected, the property address will be displayed in Box 8 of the IRS Form 1098.
Box 7 of the form is not used in accordance with the Addenda to the 2016 Instructions for Form 1098 for Recipient/Lender issued June 17, 2016.

Note: If you want to have Box 9 of the IRS Form 1098 populated on properties for which the property address has not yet been assigned, you must use the Address Unavailable check box and the Property address lines 1 and 2 as described above.

The IRS 1098 Export field has been added to the Property Address screen. This 39 character field is the maximum size allowed on the 1098 export for the property address or property description. This field will be updated by a new event called the IRS Export Address Update that will abbreviate the information from the Property Address as follows:

  • If the Address Unavailable check box is not selected, the event will abbreviate Line 1 and 2, City, State, Zip, and Country of the Property address, if necessary, until it is 39 characters or less.
  • If the Address Unavailable check box is selected, the event will abbreviate Line 1 (and Line 2, if needed) of the Property address, if necessary, until it is 39 characters or less.
  • The new event should be run prior to creating the IRS 1098/1099 Export.
  • You may review the address and description abbreviations which will be included on the 1098 export on the IRS 1098 Export Address Report, if desired.

ArticleNumber:

000055587

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