Alright, so due to a property being refinanced and then acquired by another lender in 2019, I have three 1098s for a single property. But I am having a terrible time answering the questions in the 1098 section! I've never had any trouble with this until this year, but the questions are worded in a way that it doesn't make any sense when you have loans trading hands and being refinanced through multiple lenders. Can anyone help?
Here's the info:
1098 #1: Original loan, originated in 2012, paid off when the loan was refinanced in Aug 2019.
1098 #2: Refinanced the home in Aug 2019 through a different lender, and took money out during the refinance to use for non-home purposes. This loan was sold to another lender almost immediately after it was originated.
1098 #3: This 1098 came from the lender that purchased the refinanced loan immediately after it was created.
And here are the questions asked for each of the 1098 forms:
1: Was this loan paid off or refinanced with a different lender in 2019?
2: Is this loan a home equity line of credit or a loan you've ever refinanced?
3: Have you ever pulled cash out from this loan when refinancing it?
4: Have you used the money from this loan exclusively on this home?
5: How much interest you can deduct this year? (based on how much cash you pulled)
How would I answer this for all three of my 1098s? TurboTax doesn't seem to like any of the combinations I'm throwing at it, and it won't let me get past this area. I've been on this same section for a couple of hours now, and I can't get two of the 1098s to say anything other than "needs review" after I fill them out. 😕
