Under tax law, you're limited on the amount of home interest you can deduct. The limit is based on the loan amount and date of the origination of debt.
If you received multiple 1098s because of a refinance or your loan was sold to another lender, you can add them together to enter as 1 1098. If you have multiple mortgages on the same property, as in a 1st mortgage and a HELOC, the different loans need to be entered as separate 1098s.
Follow these steps to enter your mortgage info as a combined 1098:
- Gather all of your 1098 forms related to your refinance (the form from your original lender and the form from your new lender).
- Grab a calculator and add together the box 1 amount from each form. Enter the total in TurboTax as Box 1 Mortgage interest.
- Add the Box 5 amount from each form and enter the total as Box 5 Mortgage insurance premiums. (If you weren’t required to pay mortgage insurance, these boxes will be blank on your forms and you won’t enter anything.)
- Add the property tax paid from each form and enter it in the Property (real estate) taxes box.
Next, finish adding info for boxes 2, 3, 7, and 11 using Form 1098 for the original loan.
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