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Level 2

Question

loan deduction is not working correctly

Forum|Forum|5 years ago
July 12, 2020
1 reply
0 views

I took a loan for 450k in 2018. This was transferred by the original lender in 2019 to another company (company 1 for which I have 1098). Then I refinanced with company 2 who held my loan for 3 months and then transferred it to a 3rd company who had the loan for 3 more months in 2019.

when I enter the 1098 information for loan deduction -the average loan balance is going over 450k and reducing my deductions instead of sticking with my original 450k (seems like turbo tax is calculating incorrectly) - need help.

Level 15

You must enter the 1098 forms in chronological order and complete each screen completely ... by doing so the program will recognize the changes in the mortgage holders. I suggest you delete all the forms you entered and try again.

Level 2

thanks will try now