Deductions & credits
This is what I tried just a few minutes ago..
Mortgage 1 -
Box 1 - Mortgage interest - $16,820.77
Box 2 - Outstanding principal - $786,202.33
Box 3 - Mortgage origination date - 06/28/2017
Box 11 - Mortgage acquisition date - Blank (1098 does not have any value in it)
TT Additional questions - Is this the original loan you took out to purchase this property -
Selected -- No, this is a home equity line of credit or a loan that's been refinanced.
Selected -- A mortgage loan that I've refinanced.
Selected -- No (Not pulled any cash).
Mortgage 2 -
Box 1 - Mortgage interest - $10,013.34
Box 2 - Outstanding principal - $765,000.00
Box 3 - Mortgage origination date - 06/15/2020
Box 11 - Mortgage acquisition date - 06/23/2020
TT Additional questions - Is this the original loan you took out to purchase this property -
Selected -- No, this is a home equity line of credit or a loan that's been refinanced.
Selected -- A mortgage loan that I've refinanced.
Selected -- No (Not pulled any cash).
TT additional questions -- We need a bit more information to wrap up this deduction....This is where I am being asked to enter information on outstanding balance as of Jan 1st 2021 or the balance before the load is paid off.
Mortgage 1 -- $763,101.51 / 06/22/2020
Mortgage 2 -- $754,461.49 / Blank.
TT is now giving me "STANDARD DEDUCTION" and not itemizing it !!!!
But, if I remove the enter the Mortgage 2 outstanding balance as $0 it is then giving me itemized deductions.
*** UPDATE *** I checked the Home Mortgage Interest Worksheet -- For Mortgage 2 it is considering the mortgage as "Post-12/15/17".
@NCperson -- What am I doing wrong now? Any ideas?
*** UPDATE 2 *** I checked the "help links" in TT that are displayed while entering the 1098. TT is actually asking to combine the 1098's and enter as a single 1098. See the image below. Is this correct? Can we do that?
