Deductions & credits
You can enter both 1098 forms. But you should enter zero in the ending balance for the home loan that is no longer in existence (sold) by the end of the year.
You can enter your 1098 Forms into the program in the federal section of the program.
- Select Deductions & Credits
- Select Mortgage Interest and Refinancing (Form 1098)
- At the bottom of the next page, select Add another 1098
- Be sure to answer the questions carefully for each 1098
Be sure that you have entered $0 for the loan that was paid off in Box 2 - Outstanding mortgage principal on the screen titled Let's get the details from your Home loan 1098.
You will also want to select that the loan is no longer there at the end of the year is marked as paid off during the year.
Please see the link below for more information on the mortgage interest deduction.
Deducting Home Mortgage Interest
You will enter your second loan exactly as it is reported on your Form 1098.
