Hi @RaifH
So for this tax year 2022, just wanted to confirm some fields since I only have one 1098 from my mortgage this year. Last year I had two 1098s, one from the original loan, and another from the refinance (refinance closed around December 2021) -- both same lender.
Still a primary home.
- After entering all the fields that match my 1098 (boxes 1-3).
- Box 8 has my address. Box 7 is NOT checked.
- Tell us about any points paid --> I have no points to deduct for this loan
- Is the 1098 you're working on now the most recent for your loan?
- yes
- Let's get some details about this loan
- I answered "This loan is a refinance of a previous loan". To me, it's a new 1098 from a new loan but does this count as a refinance loan forever (until I paid off my mortgage)? this is what confuses me.
- "Did you use your loan for anything besides paying off the existing loan?
- No
- It says "Congrats, you get a tax break" and goes back to the "home loan deduction summary page"
- Click "Done" and it asked me "When did you buy the home with the loan from ...?"
- I put down the original date that I first took out the loan which is the first loan (as you suggestion before).
- On the section "We need a bit more information to wrap up this deduction"
| | What was the outstanding loan balance on January 1st 2023? If you paid this off in 2022 enter the balance on the day you paid it off | When did you make your final payment? If you did not pay this off in 2022, leave this blank |
| Lender (on my only 1098 for 2022) | I entered my balance on 1/1/2023 | I left Blank |
I follow your suggestion on step 7.1. Step 5 is what confuses me since it's not really considered a refinance last year (it was a refinance for tax year 2021). So does this mean for future 1098, it will always be a refinance loan even though it doesn't look like it?
Appreciate your help!
