I sold a home and bought a townhome using the same lender. I have 2 forms 1098. When I go to enter the info for the 2nd 1098, Turbo tax brings up the first 1098, combining the 1098 info even though they are for 2 seperate properties. Should I label them as lender#1 and #2? since it is the same lender? It automatically brings up the previous 1098 and doesn't allow me to enter 2 1098s. I love Turbo Tax!! Help somebody!!!
It depends.
Are you able to enter each 1098 Form or is it forcing you to combine the entries?
You should be able to select Add A Lender under the Home loan deduction summary page.
If you are able to enter each 1098 form separately on the input, you will be fine.
The amount reported on your tax return is the combined total for all of the amounts.
Thank you for responding. Since it is the same lender it is automatically bringing up the first 1098 I entered. I'm afraid to combine them myself since they are 2 different forms and for different homes and loans. I thought that maybe I could change a capital letter so that it might recognize it as another lender. I dont want to raise any flags
Then you can absolutely just add #2 to the end of the Lender name on the 2nd loan.
This way you will be sure that the program calculates the loan interest deduction correctly. It will not affect how it is displayed on your tax forms.