topic 1098 HELOC issue in Get your taxes done using TurboTax

1098 HELOC issue

mateosbaby — Sat, 14 Mar 2020 00:06:33 GMT

We sold our house in 2019, and we had a HELOC on it. We paid off the HELOC and our 1st mtg at the time of the sale. I received a 1098 from the HELOC company (US Bank). It has Box 1, 3, & 7 entered only. TurboTax will not let me skip Box 2, even with entering $0 or a penny in it. What do I do now?

Re: 1098 HELOC issue

DawnC — Sat, 14 Mar 2020 00:44:36 GMT

Box 2 is the amount of the loan as of January 1, 2019. Since it was paid off during 2019, there would have still been a balance as of January 1st. Your mortgage account or statement should show the outstanding amount at the beginning of the year. It would be the same as the 2018 year-end amount.

Re: 1098 HELOC issue

mateosbaby — Sat, 14 Mar 2020 02:33:11 GMT

Thanks! Do I need to contact the bank for a new 1098 then? Or how would I go about finding out what the balance was on 1/1/2019? The account is closed, of course, so I don't have access to any old statements online.

Re: 1098 HELOC issue

ColeenD3 — Sat, 14 Mar 2020 15:00:16 GMT

If you don't have access to the amount, yes, contact the bank.