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Are you suppose to put a begining and end balance even if u are not paying off your loan on a 1098 form?

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JulieCo
New Member

Are you suppose to put a begining and end balance even if u are not paying off your loan on a 1098 form?

Yes, if TurboTax is asking for the ending balance, it wants the balance as of the end of the year (December 31, 2018). It is needed to determine what portion of your mortgage interest is deductible.  You can find your year ending balance on a mortgage statement or by contacting your mortgage company.   The beginning of the year balance should be found on your 1098 form.

You are receiving the request in TurboTax for your ending mortgage principal balance due to the change in tax law related to the mortgage interest deduction.  There are now different mortgage interest deduction limits based upon when the mortgage was originated and what it was used for, so portions of a mortgage listed may include interest that is not deductible.  Therefore, the ending mortgage balance is needed to determine the deductible portion of the interest being entered. 

Here is more information about the tax law and the provisions for now being able to deduct mortgage interest:

 https://ttlc.intuit.com/replies/3300473


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