When your mortgage was traded to another lender, you can enter multiple 1098s from different banks for a single property. Enter the 1098 from your original loan before the 1098 from your refinance. This will help the software to recognize the origination date of the loan correctly. After going through the interview steps with the first lender, you can add the second one when you get to the Mortgage deduction summary screen.
That's important because [only] the acquisition debt remains deductible. The loan origination date section should present itself correctly when the software recognizes that you've entered two 1098 forms in order.
Here's how to enter your mortgage interest statement in TurboTax:
- With your return open, search for 1098 and select the Jump to link in the search results.
- Follow the instructions to enter your 1098 info.
This seems to contradict the instructions in the On Demand Tax Guidance at the bottom of the page where you enter 1098 boxes. Multiple 1098s related to a Refinance done in 2020 says to "Hold up!" and "Grab a calculator and add the box 1 amount from each form and enter the total in TurboTax as Box 1 Mortgage interest." Are both methods valid and should come to the same result? I think I'd prefer to do what you say here, so that it actually has the info for both origination dates and an unambiguous amount for box 2. Adding a comment or linking to this article would be helpful.
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