Multiple 1098s not from refinance

Forum|Forum|3 years ago
March 7, 2023
1 reply
1 view

I received multiple 1098's from lender sales and turbo tax is automatically checking yes to "loan refinanced in 2022 with a new 1098" during the smart check.

When I check no to "loan refinanced in 2022 with a new 1098" and no to "was this loan the result of refinancing a previous" loan for all of my 1098s my mortgage interest is reduced by half from the mortgage interest limited smart worksheet. The mortgage is under $750k and the mortgages were used to buy the home that secures the loan. I do cannot find the reason the adjustment is being made to the mortgage interest limited smart worksheet.

KrisD15

Level 15

To clarify, why do you have more than one 1098?

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dennis0708Author

Level 2

The mortgage was sold to another lender twice throughout the course of the year resulting in three 1098's

DMarkM1

Level 15

Typically this mortgage interest limitation is corrected by selecting "NO this is not the latest 1098 on this loan" for the first two 1098s and then "Yes, this is the latest" on the most current 1098. Basically this will tell TurboTax to ignore the loan amounts on the first two as all of these 1098's are the same loan (the current one).

Since the loan is under $750,000 and all used to buy, build, improve your home that secures the loan all of the interest will be deductible.

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