Get your taxes done using TurboTax

Yes, add up interest paid on all 1098s and enter combined total in Box 1.

 

Mortgage Principal Outstanding - Enter 1/1/2020 principal balance in Box 2.  If over $750,000 you need to calculate average mortgage balance, per irs instructions, to maximize interest deduction.  TT will do it, by asking for ending mortgage balance and will calculate an average of beginning and ending; assumes normal monthly payments without big lumpsum during year. 

 

Date is important only if your  original purchase date on your property was before December 16, 2017 when there was a $1,000,000 loan balance limitation.  If purchased before 12/16/2017, limitation is on $1,000,000 of mortgage loan.

 

Put the original, original loan date (first loan on property)  as mortgage origination date.

 

I put both lenders name in mortgage "Lender Name" box on TT's first screen.  Could be like "Citibank and Wells Fargo Banks  (Or if one bank maybe Citibank (2 loans) or account XXX123 and account XXX456)   

 

For real estate taxes, combine all taxes paid and enter into TT - third screen as Property (real estate) taxes paid.  Or enter on the specific screen for real estate taxes paid on TT deductions screen.

 

Post additional questions. 

 

Hope it helps