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alex-jones
Level 1
March 19, 2026
Question

Average Mortgage Balance

  • March 19, 2026
  • 1 reply
  • 58 views

Hi,

 

I bought a new home in 11/2024 (650k mortgage) and sold my old home on 2/5/2025 (500k Mortgage). I entered both 1098 but it looks my mortgage balance is for the full year even though the second mortgage i only had for 1/12 months. I believe my average mortgage balance was 650k + 50k = 700k and shouldn't be capped by 750k..?

    1 reply

    RobertB4444
    Alumni - Intuit
    March 23, 2026

    You should enter the 1098 for the home that you sold and enter 'zero' in box 2 when you do so.  The final value on that mortgage was zero when you paid it off and closed it out.  That will get the mortgage interest deduction to the correct amount for the year.

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