How do I handle multiple 1098 forms when I sold a home?

Forum|Forum|6 years ago
January 28, 2020
1 reply
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I sold a home last year, bought a new one. The new loan was bought out, so I have 3 1098 forms. If I enter all 3, I'm told that the mortgage value was over $750,000 so I can't count PMI, even though I only ever owned 1 home at once and it was much, much less than that level. How do I enter that so I can count the PMI?

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solterobluesAuthor

Level 2

actually, I meant it limits my interest that I can deduct, but still, my home only has a loan value of half the maximum $750,000

KrisD15

Level 15

Please make sure the 1098 from the house you sold has an ending balance of zero.

Make sure you then enter the loan that was sold, and be sure to select that it was sold in the year.

Lastly, enter the most recent 1098.

"When entering the 1098 Mortgage Interest Statement enter the

Outstanding principal as of 1/1/2019 for the house you sold, and zero as the ending balance.

Since you took out the new loan after January 1, 2019, then leave this field blank for that 1098

Was this loan paid off or refinanced with a different lender in 2019? Answer YES

If you paid off your loan this year, we need its final principal balance. This is the amount you owed before you made your final payment, without interest included."

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crbolen1

Level 2

I have the same situation.

Where on the 1098 form should I expect to see an ending balance of zero for a sold home? More importantly, where do I enter this information in TT or tax forms? Thanks.