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I bought my house at 2018 and I refinance it on 2019. So I getting 2 1098. Should I combine that as a single entry in the deduction or enter as 2 separate entries?

 
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3 Replies
KurtL1
Expert Alumni

I bought my house at 2018 and I refinance it on 2019. So I getting 2 1098. Should I combine that as a single entry in the deduction or enter as 2 separate entries?

You should enter both Form 1098's in separately. The software will combine amounts on the tax return.

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I bought my house at 2018 and I refinance it on 2019. So I getting 2 1098. Should I combine that as a single entry in the deduction or enter as 2 separate entries?

What figure should I enter in outstanding mortgage balance for the original mortgage? Since the original one is paid off, the balance should be "$0" but, when I enter $0 in TurboTax, it doesn't let me go to next step. Please advise. Thanks.

 

JulieS
Expert Alumni

I bought my house at 2018 and I refinance it on 2019. So I getting 2 1098. Should I combine that as a single entry in the deduction or enter as 2 separate entries?

On the screen that says, "Let's get the details from your  1098" at the top you should enter the information printed on your 1098 form. Box 2 asks for the Mortgage balance on 1/1/2019. 

 

You need to enter each 1098 form and deal with each loan separately. 

 

A few screens later, it asks you whether you paid off the loan, or refinanced it during 2019. If you answer, Yes. It never asks about your mortgage balance again. 

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