Mortgage Point not deducting
I got two 1098’s for my home purchase in year 2023, lender sold the loan immediately after home purchase.
First lender Loan amount
BOX 1: 1552.13
BOX 2: 1007162.00
BOX 3: 05/09/2023
BOX 4: 0.00
BOX 5: 0.00
BOX 6: 8339.30 (points)
BOX 7: unchecked
BOX 8: My primary address
BOX 9: 01
BOX 10: 0(taxes paid)
BOX 11: Blank
Second lender (to whom the original loan sold to)
BOX 1: 32,912.22
BOX 2: 1007162.00
BOX 3: 05/09/2023
BOX 4: 0.00
BOX 5: 0.00
BOX 6: 0.00
BOX 7: unchecked
BOX 8: My primary address
BOX 9: 1
BOX 10: other
BOX 11: 07/01/2023
Real Estate Taxes Paid: 5,083.29
Here are my questions:
- All my points paid are shown in the 1st 1098 and none in the second 1098. When I enter above info in TurboTax Deluxe Desktop software, it’s completely ignoring first lender Loan points when I come to deduction screen, $25,775. I made sure that I selected correct boxes and never selected refinance anywhere and chosen appropriate latest loan question. What should I do here?
- Another issue I am facing for adding both 1098’s, it’s asking me to enter “What was the outstanding loan balance on January 1st, 2024? If you paid this off in 2023 enter the balance on the day you paid it off.”
What should I enter for the first lender in this situation?
For second lender, I am entering Ending Balance $998,489.69 that I got from year end document.
- On screen “Your mortgage interest is being limited”
Based on TurboTax our calculation 1098 interest the about is $25,775, which completely ignored points. However, if I remove everything from 1098 section and created one consolidated entry for both 1098’s, Lender name as first lender & second lender, I then see correct deduction number $ 32,012.
I am doing itemized deduction.
Please help me with this situation I spent my whole weekend on this issue.
