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Deductions & credits
Q. 1. When did you buy the home with the loan from XYZ bank (XYZ being the loan company who our mortgage was transferred to). I do not know if this is the date the mortgage was transferred or the way back when we bought the house.
A. The date of the original mortgage (which would be when you bought the house).
Q. 2. Regardless of the answer above turbo tax asks two more questions:
- What was the outstanding balance on Jan. 1st?
- When did you make your final Payment? if you did not pay this off in 2021 leave blank
A. What was the outstanding balance on Jan. 1st? Only enter the outstanding balance on the current loan. If your loan was sold to another company, for the original lender, do not enter a balance, leave it blank. Enter the balance on the new lender (lender who purchased the loan).
When did you make your final Payment? if you did not pay this off in 2021 leave blank You can enter the month you made the last payment to the original lender. For the new lender, leave it blank.