☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 1
posted Jan 31, 2022 11:00:41 AM

Form 1098

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!

0 2 666
2 Replies
Employee Tax Expert
Jan 31, 2022 11:37:20 AM

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.

Level 1
Jan 31, 2022 12:04:51 PM

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.