FOR TAX YEAR 2019:
If this is a new loan and the Lender left box 2 blank, enter the amount of the loan on the first day in 2019 when you acquired it.
The IRS has changed the 1098 this year and looks like it might change again for 2020.
For tax year 2019, Box 2 reports the loan balance as of 01-01-2019 HOWEVER if this is a new loan, enter the beginning balance of the loan.
According to the IRS:
"Enter the amount of outstanding principal on the mortgage as of January 1, 2019. If you originated the mortgage in 2019, enter the mortgage principal as of the date of origination. If you acquired the mortgage in 2019, enter the outstanding mortgage principal as of the date of acquisition."
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