Form 1098-B

[Chiefadc]

Difficulty moving forward.  I refinanced my primary home in July 2021 and received two 1098's.  I also purchased another home which settled at the end of Oct 2021 and received a 1098 from the associated lender.  After entering the data from all 3 mortgage entities and conducting a Turbo-tax review I am led to the Form 1099-B Capital Asset Sales Worksheet requesting the date the primary property (property 1) was sold.  The primary home has not been sold and I am unable to indicate that the property has not been sold and there is no Capital Gain associated with the property.  How can I proceed?

[RaifH]

To proceed, let's double-check your entries for the three 1098s you have:

• For the original mortgage that you refinanced out of, make sure you answer No to Let's see if this is the most recent form for this loan.
• For the refinance mortgage on your first home, answer Yes to Let's see if this is the most recent form for this loan. Make sure both these loans are marked as applying to your primary home. 
• For Form 1098 for your new home enter that it is secured by a Second home in What kind of property is this loan secured by?
• Once you have all three 1098s entered you should see a screen that reads Let's wrap up your mortgage interest deduction. The first loan that you refinanced out of should be the only one of the three that has an entry for the date of final payment. For the other two, enter your loan balances from January 1, 2022. This will be less than the Outstanding Mortgage Principal reported on Form 1098 and can be found on your mortgage payment for January 2022. 

Please note that if the total of your Outstanding Mortgage Principal exceeds $750,000 TurboTax may trigger an error with regards to the mortgage interest deduction. The worksheet for this is estimated to be available on February 17, 2022.