Under tax law, you're limited on the amount of home interest you can deduct. The limit is based on the loan amount and date of the origination of debt. We want to make sure we calculate this correctly for you.
If you refinanced (or your loan was sold) last year, you’ll have a Form 1098 from your previous lender and one from the new lender. You’ll need both forms. Follow these steps to enter your mortgage info:
- Gather both forms (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 by entering info for boxes 2, 3, 7, and 11 using Form 1098 for the original loan.
@Bestvalue888
How do I handle multiple 1098 mortgage forms?
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