I have entered three 1098 Forms into the Deductions section of my Federal tax return. I purchased a house in 2019 with two loans, and afterwards refinanced with another lender with a single loan. Therefore the breakdown looks roughly like this:
1098 for Lender 1: Outstanding Mortgage $450,000 (Original loan #1)
1098 for Lender 2: Outstanding Mortgage $670,000 (Original loan #2)
1098 for Lender 3: Outstanding Mortgage $1,120,000 (Refinanced loan #3, combining balances for #1, & #2)
In the California state section, TurboTax gives me a table with two columns of interest:
Borrowed in 2019 2019 ending balance
450,000
670,000
1,120,000
What are the appropriate amounts to put in here? Should the be $0 for the two initial loans, or should these amounts be equal to the original loan amounts since they were immediately refinanced?
Thanks in advance!
