You can enter multiple 1098s from different banks for a single property. Enter them one at a time. After going through the interview steps with the first lender, you can add the second, third, and fourth ones when you get to the Mortgage deduction summary screen. It's best to enter the 1098 from your original loan before the others. This will help the software to recognize the original loan, record the origin date, and prevent it from lumping the others amounts together and causing you to reach the $750,000 limit, which would be incorrect.
That's important because [only] the acquisition debt remains deductible. The loan origination date section should present itself correctly when the software recognizes that you've entered multiple 1098 forms.
Here's how to enter your mortgage interest statement in TurboTax:
- With your return open, search for 1098 and select the Jump to link in the search results.
- Follow the instructions to enter your 1098 info.
@LMM25
