Refinance and form 1098

jans1 — Wed, 24 Mar 2021 19:43:41 GMT

We refinanced our home in 2020, with the same company as the original loan. However, we did not meet the amount of $375,000. Do I still combine the information from both 1098 forms? Also, the refinanced outstanding principal was a little higher than the outstanding principal on the original loan. Which amounts do I use?

Re: Refinance and form 1098

NCperson — Sat, 27 Mar 2021 01:38:57 GMT

combine them for simplicity.

the deductible portion is the old balance divided by the new balance

over time, the new balance will go down, so that 100% of the interest is deductible,

topic Refinance and form 1098 in Home loans

Refinance and form 1098

Re: Refinance and form 1098