Great thanks. I think I understand now. For this statement:
" For the mortgage on the new home, you will enter the loan balance as of January 1, 2022, which should be slightly lower than the Outstanding Mortgage Principal reported on Form 1098 since you will have made a year's worth of mortgage payments. "
Why is that? The outstanding principal on my new home's 1098 is indeed the initial amount I mortgaged. Why does the bank put that amount on the 1098? And not the most recent amount of outstanding balance?
