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UnevenSnail
New Member

3 1098s after home refinance

We refinanced our home in June 2020, and we paid points. We got 3x 1098s, 1x from the old mortgage company with the first half of the years interest, 1x from the new mortgage servicer with the other half of the years interest, and 1x from the mortgage company with 8 days of interest. None of the 1098s show the points.

 

Per the instructions in Turbotax, it looks like I should put in each of the 3x 1098s and another one for the points, is that right?

 

The mortgage is over $375,000.

4 Replies
DanaB27
Expert Alumni

3 1098s after home refinance

Please see What do I do if I have multiple 1098s from refinancing my home debt? to enter your 1098 forms.

 

 

For additional information:

 

Possible Itemized Deductions are:

  • Medical and dental costs above and beyond 7.5% of your AGI 
  • State, local, real estate, and personal property taxes ($10,000 limit)
  • Home mortgage interest
  • Charitable donations and gifts

 

Standard deductions for 2020 

  • Single - $12,400 add $1,650 if age 65 or older
  • Married Filing Separately - $12,400 add $1,300 if age 65 or older
  • Married Filing Jointly - $24,800 add $1,300 for each spouse age 65 or older
  • Head of Household - $18,650 add $1,650 if age 65 or older
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UnevenSnail
New Member

3 1098s after home refinance

If I combine all of the 1098s into 1, then who do I put in as the lender? I have 3 different lender names.

JohnB5677
Expert Alumni

3 1098s after home refinance

I suggest you post the most recent lender.  They hold the mortgage now and you will have information from them next year.

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holister
Level 1

3 1098s after home refinance

I have the same issue.  I combined all the 3 1098's interest/property tax info and used the information for the origination from the original 1098.  I entered a separate 1098 for the points we paid with the refinance in 2020 

 

Points on Loans on New Loans: You will want to enter a separate 1098 to cover these points paid. When prompted, enter 0.00 for Boxes 1, 2, 5, and the Property (real estate) taxes box, and checkbox 7, as you’ve already entered the details on your first 1098. For Box 3, add the date in 2020 when the loan originated.

 

But my confusion still lies with the proceeding questions - Was this loan paid off or refinanced with a different lender in 2020?  Yes or No - How do I answer.

 

Is this loan a home equity line of credit or a loan you've ever refinanced?
We need to know a little about about the history of this loan to see how much interest you can deduct this year. Learn more
Yes, this is a loan I've refinanced or a home equity line of credit (HELOC).
No, this is the original loan I used to buy or build my home.
 
How do you answer all these proceeding ?'s  We did refinance in 2020 from a refinanced 2018 loan both with cash out.  Or do I just ignore these ?'s cause I am just trying to get the points in and answered these ?'s on the combined 3 1098's. 
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