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Deductions & credits
@californiacyclist Typically when a mortgage is sold to another financial institution during a calendar year, the two different 1098s generated DO represent ONE loan, and the partial-year interest, principal, etc. is all that is included on each 1098. As for the year-end loan value, only the value on the 1098 issued by the final financial institution would be the remaining loan value.
If the TurboTax program is adding the values together, this is indeed a BUG and I need to report it to TurboTax Moderators. Again, EACH 1098 should represent the part-year that the financial institution held your mortgage. The final loan value fields should NOT be totaled when entered into the TurboTax program.
Thanks in advance.
*** I am NOT a tax expert. I am a seasoned TurboTax user, and volunteer to provide assistance to TT users. Nothing I post is to be considered TAX ADVICE; I bear no legal liability for responses.***
‎January 17, 2020
7:41 PM