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.

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1 Replies

New Member

Jun 1, 2019 3:05:49 PM

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-only-loan-closed-mid-year-2018-1st-draw-last-qtr-2018-do-have-1098-beg-bal-blank-tt-asks-beg-end-balance

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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?