Was hoping for some help around the section that asks if "your home loan interest is deductible?" It regards to our 1098 form (Only had one 1098) to which we answered this was a new loan from a refinance. (we refinanced in 2021)
The first question asked how much much of the loan was used to build, remodel, or repair. We put $0 here as we used for repairs around the house and furniture type stuff.
The second question asks: What was the balance of your loan on December 31, 2022?
This is where we're confused? Our outstanding mortgage principal on our 1098 box 2 was $202,600. If you scroll down the 1098 it has a section that says "Principal Balance Activity"
Beginning Balance: $202,600
Principal Paid $4600
Ending Balance $198,000
Is this ending balance of $198,600 the balance of our loan on Dec 31, 2022 then?
Thanks again for any help!
