Mortgage Balance - year beginning balance and year end balance. Why?

[JeffS2]

Hello,

I do not recall being asked to provide balance owed on my mortgage in previous years, particularly the year end balance. The 1098 provides the balance for the beginning of the tax year so maybe it's been asked in prior years and I just don't remember (getting old..) but the 1098 doesn't provide the year end balance and I would remember having to locate that info.

My question is, why are they asking for it? We usually miss by a few dollars itemizing anyway but I always go through the steps just in case.  Using a standard deduction, why would TT Smart check keep asking for this info?

[HollyP]

TurboTax is asking for the balance because under the new tax reform laws it is required to determine the appropriate home acquisition debt limits for your itemized home mortgage deduction. However, if you are taking the standard deduction this year, and do not have this info, then the easiest way to resolve the smart check is to delete Form 1098 by following the steps here.

[JeffS2]

Thanks for answering my post. I have a few more questions if you don't mind.

So my assumption that everything on 1098 is folded into the deduction (itemized) is correct?

That includes property tax as well as the interest?

I might have to keep the form though, I have to look further into it but I think my state (AZ) uses this info but I'm not positive. In any event I always input all possible deductions we have just in case.

Looking back at the pdf's from previous years, I'm assuming that any forms that aren't needed for the return are not transmitted electronically when we file, do you know if this is correct? If so, I could just leave it and ignore the Smart Check error.

I appreciate you time and thank you again.

[NCperson]

TT carries over the forms you used last year automatically. if you don't need them this year, just delete them 

[59saidi]

So where or how do I find my outstanding mortgage balance (my monthly statement only shows 'principal owed')?

[NCperson]

they are one and the same ...... the mortgage balance and principle owed are interchangeable terms.

[rkrkrkCA]

The form shows the amount for the beginning of the year, but not for the end of the year.  SO how do I find that (I generally don't save every mortgage statement since they are all the same, and anyway, my mortgage statements aren't generated on the exact last day of the year)