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When a loan is sold to another lender, it’s not the same as a refinance, but you’ll still need to enter each 1098 separately. Follow the steps below for this situation.
Enter the original (sold) loan first:
Then enter the 1098 for the new loan
See this TurboTax help article for more information.
Hello and thank you for your quick response. The problem that I am seeing is that I have entered both 1098 forms (one showing $1,170 and one showing $12,204 in mortgage interest paid, to two different mortgage servicing companies); however, TurboTax is only showing $1,170 in my Schedule A on line 8a, When I click on the $1,170 on line 8a, a box pops up showing the two different company names who sent me the 1098 forms. I can click on each one, opening a worksheet that shows their respective $ amounts. I can't figure out why TurboTax is not showing the combined $13,374 on Schedule A, line 8a. Can you help me figure that out?
It's possibly your mortgage balance. You are only allowed to deduct mortgage interest on your first $750,000 in housing debt. Any amount over that and the mortgage interest is not deductible. Since you received two 1098s on the same mortgage it is doubling your mortgage debt. If this is the problem then just change the amount of debt in box 2 of the 1098 that was sold to a new servicer to zero. Since it was sold the debt actually was reduced to zero and that is accurate. That should fix the problem.
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