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dbrackmann29810-
New Member

I bought a house in 2020 and began paying on the mortgage in 2021. How do I apply for the deductions from the home purchase without the 1098?

 
2 Replies
Bsch4477
Level 15

I bought a house in 2020 and began paying on the mortgage in 2021. How do I apply for the deductions from the home purchase without the 1098?

You didn’t get the 1098 because you didn’t pay mortgage interest until 2021 which is when you can deduct it if you itemize. 

RayW7
Expert Alumni

I bought a house in 2020 and began paying on the mortgage in 2021. How do I apply for the deductions from the home purchase without the 1098?

You do not have to have a 1098 to report.  You can enter the amounts manually.

 

You can enter any interest and or property tax on the new home for 2020.  Your  (HUD1) closing statement will have the prorated tax you paid.

 

If you sold another home before you purchased the new home you will have interest and property tax to enter for that home as well.

 

Your 1098 (Mortgage Interest Statement) shows how much mortgage interest, points, and (oftentimes) real estate/property tax you paid in the previous year.

If you didn't get your 1098 from your mortgage company by early February, you might be able to find this information on January's mortgage statement. Contact your lender if you think that your 1098 is missing information or if you need help deciphering it.

Here's how to enter your mortgage interest statement in TurboTax:

  1. With your return open, search for 1098 and select the Jump to link in the search results.
  2. Follow the instructions to enter your 1098 info.

If you're using the mobile app, use these instructions.

 

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