Refinance and form 1098
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jans1
New Member

Refinance and form 1098

We refinanced our home in 2020, with the same company as the original loan. However, we did not meet the amount of $375,000. Do I still combine the information from both 1098 forms? Also, the refinanced outstanding principal was a little higher than the outstanding principal on the original loan. Which amounts do I use?

 

1 Reply
NCperson
Level 15

Refinance and form 1098

combine them for simplicity.

the deductible portion is the old balance divided by the new balance

 

over time, the new balance will go down, so that 100% of the interest is deductible, 

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