If the loan was sold to another lender, it's not the same as refinancing. It is the same loan that it was before; it was never paid off. So you don't want that information being added together. Some folks on this thread are talking about refinancing and some have had their loan sold. If your loan was sold, only use the 1098 from the ORIGINAL lender. The information will be very similar but use the legal name from the original one. DO NOT input both 1098s or TurboTax will add them together.
If you refinanced, follow these steps:
If you refinanced last year, you’ll have a Form 1098 from your previous lender and one from the lender you refinanced with. You’ll need both forms.
Follow these steps to enter your mortgage information:
- Gather all of your 1098 forms related to your refinance (the form from your original lender and the form from your new lender)
- Grab a calculator and add together the box 1 amount from each form. Enter the total in TurboTax as Box 1 Mortgage interest.
- Add the Box 5 amount from each form and enter the total as Box 5 Mortgage insurance premiums. (If you weren’t required to pay mortgage interest, these boxes will be blank on your forms and you won’t enter anything.)
- Add the property tax paid from each form and enter it in the Property (real estate) taxes box.
Next, finish adding info for boxes 2, 3, 7, and 11 using Form 1098 for the original loan.
@Kaushal
@MikeDemler
