I’m still running into the issue where TT is defaulting to “Yes” for “Does your mortgage interest need to be limited:”
Both 1098s (for original and refinance loans) show outstanding principle amounts of $415K, which is why I think they’re being added together and surpassing the $750K threshold that triggers the limited interest entry. I can’t access the forms to confirm this.
Based on the 1098 form instructions below, it seems correct to have $415K on both.
“Box 2. Shows the outstanding principal mortgage as of January 1, 2020. If the mortgage originated in 2020, shows the mortgage principal as of the date of origination”
One other note... the 1098 for the original loan is a Substitute Form1098. Not sure if that matters.
Should I just change the Outstanding Principal amount to $0 on the 1098 for the original loan?
