@mwahl0
Perhaps this will be helpful.
In TurboTax Online Deluxe, I was able to enter a home loan on an IRS form 1098 and the second IRS form 1098 for the second home. In the scenario, the first home was sold on 06/30/2020. For both loans, I entered a mortgage balance in excess of $500,000 in box 2. For the second loan, I entered an origination date of 07/01/2020 in box 3.
I was given the full mortgage interest deduction and the Home Mortgage Interest Limitation Worksheet did not add the two mortgage balances together.
The entries were made at Federal / Deductions & Credits / Mortgage Interest (Form 1098).
Entries for the original loan
Do any of these uncommon situations, I entered None of these apply.
Did you pay points, I entered I’ve already deducted.
Was this loan paid off or refinanced, I entered No.
Is this loan a home equity, I entered No, this is the original loan.
Entries for the second loan
Do any of these uncommon situations, I entered None of these apply.
Did you pay points, I entered I didn’t pay points.
Was this loan paid off or refinanced, I entered No.
Is this loan a home equity, I entered No, this is the original loan.
The Home Mortgage Interest Limitation Worksheet may be viewed under Tax Tools / Print Center / Print this year's return.
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