I am having issue in understanding how to report home mortgage interest since I twice refinanced last year.
My first loan (Say Loan 1) was closed on 03/06/2019
My second loan (Say Loan 2) was closed on 10/16/2019
Looking at the "Home Int Wkst"
Loan 1: (appx 2 months)
The avg loan balance is 1/2 of loan balance at the beginning of the year.
Loan 2: (appx 8 months)
The avg loan balance is still 1/2 of loan balance at the beginning of the new loan
Loan 3: (appx 2 months)
The avg loan balance is nearly the full loan
Basically, turbotax is treating the 3 loans as 3 separate loans. For the first 2 loans, since ending balance was 0, it made avg balance as 1/2 of the loan amount, but for third one, since the start and ending balance is nearly same, it treated as avg of first and last months balance.
This is resulting in a relatively much higher average loan balance (nearly 2x).
How do I make sure turbo tax understand that they are just refinance of a single loan.
Thanks
