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chadandkristie
New Member

We are in the middle of construction project on our home that began in Oct. We have a const. loan and only pay interest on the money we have used to date. How to report?

I have a 1098E from the bank but it doesn’t state the “outstanding mortgage principal as of 1/1/2018.” The only thing it has on it is the mortgage interest received. 

1 Reply
DavidK
New Member

We are in the middle of construction project on our home that began in Oct. We have a const. loan and only pay interest on the money we have used to date. How to report?

Because your loan originated in 2018, the balance on 1/1/2018 was zero.  Here's a link that should help:

https://ttlc.intuit.com/questions/4717726-how-where-to-enter-construction-loan-interest-interest-onl...

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