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posted Jun 5, 2019 11:38:41 PM

Multiple 1098 forms. Both were refinanced loans. What original loan amount do I use for each form?

Back in 2002 when we purchased out home, our original loan loan amount was 218K. In 2017, we refinance to 230K.  Due to unforeseen circumstances, we had to again refinanced in 2018 with a new total of 272K. When enter ing the 1st 1098, it asks if the loan was paid off; I said yes.  It also asked if it was the original loan.  Being that is was a refinance, I assume the answer is "no" and that the original loan amount would be the 218K.  Now when entering the 2nd 1098, what balance do I use as the original loan amount, the 218K from 2002 for the 230K from 2018? Thank you!

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Expert Alumni
Jun 5, 2019 11:38:43 PM

When you indicated the your second loan was a 'refinance', the original balance of that loan was $230K.

For the new 1098, also indicate that it was a 'refinance' and the original balance of that loan was $272K.

Here's a detailed article on refinancing:

https://turbotax.intuit.com/tax-tips/home-ownership/mortgage-refinance-tax-deductions/L2fzA7hg5