RaifH
Expert Alumni

Deductions & credits

Even though you have one loan, you have four Form 1098s. That is why you will need the finalized Deductible Home Mortgage Interest Worksheet that is due out on February 17, 2022. 

 

As for all the questions it is asking about the final loan balance for each loan, TurboTax is using this value to determine the average balance of your loan overall for the year. This affects how much of your mortgage interest is deductible. In your case, each Form 1098 should have an amount in box 2, the Outstanding Mortgage Principal. 

 

When you refinanced out of your original loan and it is asking about the outstanding loan balance and final loan payment date, you will want to put in the Outstanding Mortgage Principal and Mortgage Origination Date from the refinanced loan. That would be the final loan balance and the ending date of your original loan.

 

You do the same thing for the period your original refinance company held it until it was sold to another company. Your final outstanding loan balance and final loan payment date would be the Outstanding Mortgage Principal and Mortgage Origination Date of your third Form 1098. Repeat again for the third mortgage that was again sold to the final company in the line.

 

For the final mortgage, you would leave the final loan payment date line blank since that is your active loan. The outstanding loan balance would be the amount of principal you owe on January 1, 2022. You should be able to get this information from your loan statements. 

 

@RotorJoe1