topic Bought a home in Feb 2018, but my 1098 from my mortgage lender is blank in box 2 for the outstanding mortgage principal. Should I use the original loan amount? in Deductions & credits https://ttlc.intuit.com/community/tax-credits-deductions/discussion/bought-a-home-in-feb-2018-but-my-1098-from-my-mortgage-lender-is-blank-in-box-2-for-the-outstanding/01/463074#M59155 Tue, 04 Jun 2019 23:37:58 GMT ellebrande 2019-06-04T23:37:58Z Bought a home in Feb 2018, but my 1098 from my mortgage lender is blank in box 2 for the outstanding mortgage principal. Should I use the original loan amount? https://ttlc.intuit.com/community/tax-credits-deductions/discussion/bought-a-home-in-feb-2018-but-my-1098-from-my-mortgage-lender-is-blank-in-box-2-for-the-outstanding/01/463074#M59155 Tue, 04 Jun 2019 23:37:58 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/bought-a-home-in-feb-2018-but-my-1098-from-my-mortgage-lender-is-blank-in-box-2-for-the-outstanding/01/463074#M59155 ellebrande 2019-06-04T23:37:58Z Try to find your outstanding mortgage principal as of 1/1... https://ttlc.intuit.com/community/tax-credits-deductions/discussion/try-to-find-your-outstanding-mortgage-principal-as-of-1-1/01/463081#M59156 <DIV> <DIV> <DIV><DIV><DIV> <P>Try to find your outstanding mortgage principal as of 1/1/2018.&nbsp; If the amount is not listed in box 2 of your 1098, you may find it on your January 2018 mortgage bill.</P> <P>Depending on your balance and what you've used the loan for, TurboTax will need this to help you figure out how much interest you can deduct.</P> <P>The IRS updated the Mortgage Interest Deduction this year.&nbsp; You can now only deduct the interest from the amount of your loan that’s been used to buy, build, or improve the home that it’s secured by–meaning the property that acts as collateral for the loan to protect the lender.&nbsp;</P> </DIV></DIV></DIV> <DIV><DIV><DIV> <P>If you’ve&nbsp;<B>ever</B>&nbsp;used part of this loan to pay for things other than this home, you cannot deduct the interest from that amount of the loan, even if the transaction didn’t take place this year.</P> <P>Examples of common ways you might have used this money not on your home include:</P> <UL> <LI>Making a downpayment on a different home</LI> <LI>Funding improvements on a different home</LI> <LI>Making a payment on a different loan or debt</LI> <LI>Having miscellaneous large purchases</LI> </UL> <P>As you proceed through the interview TurboTax will ask questions about the size of your loan and how you used the proceeds.<BR /></P> </DIV></DIV></DIV> </DIV> </DIV>[Edited 01.21.19 | 1:38PM]<BR /><BR /><BR /><BR /> Tue, 04 Jun 2019 23:38:00 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/try-to-find-your-outstanding-mortgage-principal-as-of-1-1/01/463081#M59156 IreneS 2019-06-04T23:38:00Z what if average mortgage balance exceeds $750,000 or $375... https://ttlc.intuit.com/community/tax-credits-deductions/discussion/what-if-average-mortgage-balance-exceeds-750-000-or-375/01/463087#M59157 what if average mortgage balance exceeds $750,000 or $375,000 if married filing separate Tue, 04 Jun 2019 23:38:01 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/what-if-average-mortgage-balance-exceeds-750-000-or-375/01/463087#M59157 Anonymous 2019-06-04T23:38:01Z Good point -- I've edited my answer.  Thanks! https://ttlc.intuit.com/community/tax-credits-deductions/discussion/good-point-i-ve-edited-my-answer-thanks/01/463097#M59159 Good point -- I've edited my answer.&nbsp;&nbsp;Thanks!<BR /> Tue, 04 Jun 2019 23:38:04 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/good-point-i-ve-edited-my-answer-thanks/01/463097#M59159 IreneS 2019-06-04T23:38:04Z