What is my beginning principle?

Forum|Forum|7 years ago
June 1, 2019
2 replies
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How do I find what beginning principle means? It’s asking for my beginning principle for my mortgage

TurboTax Deluxe Online

Opus 17

Level 15

Are you sure it is not asking for the balance at the end of the year?

Opus 17

Level 15

As a result of several new regulations regarding deducting mortgage interest, there are several numbers you may need to know, depending on where you are in the interview.

You will need to know your mortgage balance at the beginning of the year. This is on your 1098 mortgage interest statement from your lender.

You may need to know the beginning balance of the mortgage. This is the amount of money you originally borrowed on the mortgage when you bought the house. It is not on your 1098, it will be in the documents you signed when you bought the house, or you can find it by calling your lender or looking up your account online.

You may also need to know the balance at the end of 2018. This will also be on documents from your lending, including your monthly statement for January 2019, and your online account information.

Remember that you need to save important papers related to the purchase, refinance, and home improvements, for as long as you own the home plus 6 years after you sell.