Form 1098 is an informational form used to prepare your tax return. The IRS allows you to use the Average Mortgage Balance in determining your mortgage interest deductibility. Enter only one 1098 using your average mortgage balance and the total of any deductible items on both 1098 forms. This will put your mortgage balance below 750K for 2021 allowing you to take up to 10K in mortgage interest deduction.
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