Form 1098

Forum|Forum|4 years ago
January 31, 2022
1 reply
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I sold my home residence and purchased a new one in August 2021. I received two 1098 forms, one from the new mortgage company and one from the old mortgage company. When I input the $0 in Box 2, Outstanding Mortgage Principal, for the mortgage of the residence I sold, I'm given an error message, "Outstanding Mortgage Principle Must Have a Value".

Does anyone know why and/or what needs to be done to correct it?

Thank you!

DianeW777

Level 15

Using the amount of $1 should allow you to continue and proceed with your tax return. In my test, I entered that in the first 1098 form for the home that was sold during the year. If you continue to have an issue, please add more details.

Mortgage interest is deductible in full up to the amount of a maximum loan on your home of $750,000.

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Salute2Author

Level 2

Thank you for the response. And yes $1 will work but it doesn't make sense that it would reject the correct input of $0 which is why I asked the question.