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Deductions & credits
The following is the new guidance that updated in my version of TT:
Multiple 1098s related to a Refinance done in 2020
1. Input just 1 1098 to cover the refinance.
2. Gather all of your 1098s related to the refinance.
3. Separately add up the amounts in Boxes 1, 5 and any property taxes paid
4. Box 1, Box 3 and Property Taxes- Input the total amounts for each on the refinanced debt
5. Box 2- Input the amount of debt on 01/01/2020.
6. Box 3- Mortgage origination date- Input the oldest date on your 1098s related to the refinance
‎February 8, 2021
9:56 AM