topic Refinanced three times in Year 2020 and received 1098 forms three forms for Mortgage Interest in Deductions & credits

Refinanced three times in Year 2020 and received 1098 forms three forms for Mortgage Interest

tk333 — Sun, 14 Mar 2021 23:35:12 GMT

I did the refinanced three times in 2020 Year and received three 1098 form for the Mortgage Interest.
Should I combine mortgage interest from all three 1098 forms and enter as combine one Interest entry only or should I enter each 1098 interest entry separately?

Re: Refinanced three times in Year 2020 and received 1098 forms three forms for Mortgage Interest

DaveF1006 — Mon, 15 Mar 2021 00:05:16 GMT

You may enter all the 1098's as combined. Just enter the latest mortgage balance as it now and don't combine the balances or else you may discover you mortgage interest as being severely limited.

Re: Refinanced three times in Year 2020 and received 1098 forms three forms for Mortgage Interest

tk333 — Mon, 15 Mar 2021 00:25:14 GMT

Thanks, I will combine the box 1 interest entry .

I think then I have to enter box 2 and box 3 entry from the first 1098 , please confirm the same

Re: Refinanced three times in Year 2020 and received 1098 forms three forms for Mortgage Interest

DaveF1006 — Mon, 15 Mar 2021 00:41:44 GMT

Yes, but I would report what the present mortgage balance is rather than what is listed on the first 1098. The loan originated date though should remain the same..,

Re: Refinanced three times in Year 2020 and received 1098 forms three forms for Mortgage Interest

tk333 — Tue, 16 Mar 2021 18:22:26 GMT

Thanks for confirmation that I have add the interest of all 1098 and mentioned the total of the interest .

why are you saying that mortgage balance need to enter of present instead of first form 1098 mentioned?

example of mortgage balance:

$10 mentioned in 1098 form

$9 as of dec 31st 2020

$8 as of today’s date

according To you I have to enter the $8 mortgage balance. Please let me know

Re: Refinanced three times in Year 2020 and received 1098 forms three forms for Mortgage Interest

JohnB5677 — Wed, 17 Mar 2021 12:43:25 GMT

Your mortgage balance should indicate the average for the year.

In addition, If your mortgage ends early because you paid it off, AND you refinanced it with another lender, you can deduct any remaining points for the mortgage in that year.

Re: Refinanced three times in Year 2020 and received 1098 forms three forms for Mortgage Interest

tk333 — Fri, 19 Mar 2021 18:27:50 GMT

I think my question is different as I don’t have any points.

below are my questions as I have three 1098 forms.

1. I have to combine all three 1098 form mortgage interest (box 1) and enter as single entry, please confirm

2. I have three 1098 forms . I have to enter outstanding mortgage principal (box 2) and mortgage orientation date (box 3) from which 1098 form ? First 1098 form or third 1098 form?

Re: Refinanced three times in Year 2020 and received 1098 forms three forms for Mortgage Interest

KrisD15 — Sun, 21 Mar 2021 00:09:31 GMT

Use the first (earliest) 1098 for the date and balance.