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Do I need to enter in the outstanding mortgage BALANCE on my return? I have the outstanding mortgage principle from the 1098, but my statements don't give one.

 
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5 Replies
Ashby
New Member

Do I need to enter in the outstanding mortgage BALANCE on my return? I have the outstanding mortgage principle from the 1098, but my statements don't give one.

Give your best estimate based off of beginning balance. This figure is irrelevant for tax purposes.

Do I need to enter in the outstanding mortgage BALANCE on my return? I have the outstanding mortgage principle from the 1098, but my statements don't give one.

So take the Outstanding Principal Mortgage figure and add, say, YTD interest?
Ashby
New Member

Do I need to enter in the outstanding mortgage BALANCE on my return? I have the outstanding mortgage principle from the 1098, but my statements don't give one.

I'm sorry. I thought that section of the interview asks for beginning amount and ending amount for 2018. The beginning amount is the amount on 1098 form. If it asks for an ending amount, that's the amount you have to estimate. If would be lower than the 1098 amount since you would have made 12 payments since then.

Do I need to enter in the outstanding mortgage BALANCE on my return? I have the outstanding mortgage principle from the 1098, but my statements don't give one.

It only asks for the balance at the end of 2018. I just don't know how to figure that.
marcust
New Member

Do I need to enter in the outstanding mortgage BALANCE on my return? I have the outstanding mortgage principle from the 1098, but my statements don't give one.

Why does TurboTax request this amount?  This sounds like Data Mining, since it is not entered anywhere on actual tax documents.
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