turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

masha
New Member

Refinanced and sold house in 2018. TurboTax asks: What was the loan balance on 1/1/19? AND What was the loan's final balance before you paid it off? What do I enter?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

5 Replies

Refinanced and sold house in 2018. TurboTax asks: What was the loan balance on 1/1/19? AND What was the loan's final balance before you paid it off? What do I enter?

Enter the truth ... balance 1/1/19 was zero of course since one loan was paid off with the refi and the refi loan was paid off at closing ... and look at that closing statement to see the mortgage balance that was paid off for the refi ... for the first balance that would be part of the refi paperwork.  

masha
New Member

Refinanced and sold house in 2018. TurboTax asks: What was the loan balance on 1/1/19? AND What was the loan's final balance before you paid it off? What do I enter?

I can't enter 2 different amounts in those fields.  If I enter 0 for 1/1/19 balance, it puts the final balance before payoff as 0.  If I enter the real balance in the final balance field, that number is automatically copied to 1/1/19 balance field.

Refinanced and sold house in 2018. TurboTax asks: What was the loan balance on 1/1/19? AND What was the loan's final balance before you paid it off? What do I enter?

You will enter each 1098 form individually so you will answer the questions for each mortgage individually.
masha
New Member

Refinanced and sold house in 2018. TurboTax asks: What was the loan balance on 1/1/19? AND What was the loan's final balance before you paid it off? What do I enter?

this is on one mortgage that was paid off in 2018, only one 1098 form,  questions are for that one mortgage.  Looks like I should be able to enter 2 different amounts in the balance on 1/1/19 field and in the  final balance before you paid it off field but I can't.  They automatically update to be the same amount.

Refinanced and sold house in 2018. TurboTax asks: What was the loan balance on 1/1/19? AND What was the loan's final balance before you paid it off? What do I enter?

Ok ... your question suggested you refinanced in 2018 which would mean 2 forms .... in this case  you would only use the 1/1/19 amount.... the IRS doesn't care when it was paid off just that it was.
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies