If your lender's new 1098 has a mortgage acquisition date in Box 11, you can enter both Form 1098s as they appear. Answer No for the old loan to Let's see if this is the most recent form for this loan and Yes for the new one.
If they do not have a mortgage acquisition date, you can combine both 1098s into one entry in TurboTax. Enter the 1098 in this way:
- Box 1 Mortgage interest - Add the amounts together from both 1098s
- Box 2 Outstanding Mortgage Principal - Use the Box 2 amount from the first loan
- Box 3 Mortgage Origination Date - Use the Box 3 date from the first loan
- Boxes 5 & 6 - Use the sum from both 1098s
- Make sure Box 7 is checked
@techjack
It is possible if the interest from your old loan is still considered an outstanding loan. This interest is then limited based on the outstanding principal of your new home, which may decrease your deduction. Make sure to answer No for the old loan to Let's see if this is the most recent form for this loan and Yes for the new one. Mark them both as your primary home. You may need to add an outstanding principal of $1 for the old home's 1098.
@ashc
