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I refinanced my main home in 2020 and then sold that home and bought another home in 2020. what is the best way to enter my 1098's? All loans are from different lenders.

 
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2 Replies
Carl
Level 15

I refinanced my main home in 2020 and then sold that home and bought another home in 2020. what is the best way to enter my 1098's? All loans are from different lenders.

Enter them one at a time, starting with the oldest loan first. Also (and I can't stress this enough) *read the small print* on each and every screen so you make proper selections and don't end up having all your outstanding mortgage balances added together, thus causing you to incorrectly exceed the $750K threshold (if that threshold does not apply to you already.)

 

Mistergolf
Returning Member

I refinanced my main home in 2020 and then sold that home and bought another home in 2020. what is the best way to enter my 1098's? All loans are from different lenders.

Carl, is there a way to message you directly?  You seem very knowledgeable on rentals and sales or rentals.  I've talked to 4 Turbo Tax advisors and they are all telling me different things.  I sold a rental property in 2020 and lived there for 2 of the last 5 years, so I was expecting to receive the capital gains tax exemption, but it's saying I don't qualify.  I sold it for $405k and bought it for $230k.  With the depreciation from 2006 to 2020, it shouldn't put me over the $250k profit threshold.  Also, there were some additions (Roof, Water Heater) that increased my cost basis.  It was a rental property for 2 of the last 5 years as well (not sure if that matters).  Thoughts?

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