I have two 1098's from two different Lines of Credit that we had last year. Neither of them have any value in box 2. When I try to enter these in Turbo Tax says it must have a value and won't let me continue. How do I remedy this?
What is the mortgage origination date in box 3 of your Form 1098? If it's in 2018, leave box 2 blank. Do not enter zero. If the mortgage origination date is earlier than 2018, box 2 must have a non-zero value. Ask the lender for a 1098 that is filled out properly.
Since you are asking about a line of credit, note that you can only deduct the interest if you used the loan to "buy, build, or substantially improve" the home that the loan is secured by. If you used the line of credit for any other purpose, the interest is not deductible. See IRS Publication 936 for more details.
Regardless of the origination date that is entered, Turbo tax will not allow for box to to be left blank, or for a value less than $1 to be entered. I also have an accurate 1098 form that has a zero value in box 2, but I am unable to move forward without an error message if I leave it blank or enter a zero. I was "advised" by Turbo Tax to enter $1, but that would be inaccurate as compared to my form 1098 tax document.