You can start either with Schedule A or Schedule E, but I find it easiest to start at the beginning of the alphabet in this case!
Starting with the primary residence discussion, you should combine all of the 1098s directly related to the refinance and enter it as one 1098. Any 1098s not directly related to the refinance should get entered separately. Follow these steps to enter your mortgage info:
- 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 insurance, 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.
Then I would move on to the rental property discussion and enter the Form 1098 for that property and any other expenses as you complete the walkthrough.
Tip: Rent is considered income in the year you received it, not the year it applies to. This means that a rent payment for the month of January 2022 collected in December 2021 is reported on your 2021 return.
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