@jyeh74 wrote:
@Opus 17 there has been discussion that Turbo Tax has some challenges with multiple 1098s. I have multiple refinances on the same loan for the same property. Principal has decreased over time and no additional loans were taken out. The advice is to add up all the mortgage interest in box 1 across all the 1098s and put it as one number. For box 2, I’m not sure how to address it. For box 3, the advice was to put the original mortgage origination date back in 2014, not the new dates that the refinance happened.
What tax return are you preparing? You said in your question that your last refinance was 5/1/19. Do you have more than one 1098 for 2020? More than one lender for 2020?
The problem with multiple 1098s would occur if you refinanced in 2020, and had a 1098 from the old lender and a 1098 from the new lender. If you refinanced in 2019, I would expect you to only have one 1098 for 2020 and then the calculation is handled correctly and you are subject to the $750,000 limit and not the $1 million limit.
