With two 1098 forms for the same loan due to transfer, would the end balance for the original be what it was when it transferred?

My mortgage (refinanced in 2017) was sold/transferred in July 2018. Would the answer to ending balance be what it was when it was transferred in July? And what would be the beginning mortgage principal for the new lender form? The second 1098 has nothing in the box for a mortage principal but Turbotax needs something in that box. Would I put in what the ending mortgage was in July?

The way I have answered seems to have impacted how much Turbotax thinks I have in mortgage interest. In the summary, it is only showing about half of the interest that I have paid and I also have a HELAC that is documented! Does Turbo think I have two loans that is above the 750, 000 limit?

903

Level 3

Jun 4, 2019 6:11:22 PM

It sounds like TurboTax is treating your loan as two separate loans like you suggest if your interest is being limited. Double check that you've done the following:

For the first loan (january - july) make sure you:

Answered "YES" to the question "Was this loan paid off or refinanced with a different lender in 2018?"
Put the 01/01/2018 balance as your balance at the beginning of the year, and ending balance as the amount that was transferred to the new lender

For the second loan (july - december) make sure you:

Put the 01/01/2018 balance as $0 and ending balance as the $750k

Why sign in to the Community?

With two 1098 forms for the same loan due to transfer, would the end balance for the original be what it was when it transferred?