Mortgage Interest Question

[pittjedi]

I was filling out the Mortgage interest form a 1098 and Turbotax is asking for the amount borrowed this year? This is not on the 1098, what do I enter on this part? FYI, I have multiple 1098's since I refi'd last year and the mortgage was sold to another lender.

[KrisD15 · Accepted solution]

The law was changed concerning the Home Mortgage Interest Deduction several years ago.

If a person refinances and takes out cash, the interest may need to be limited. 

Form 1098 does not list the information needed to make this calculation. 

You need to enter the forms and answer the interview questions carefully. 

Answer Zero for new loan amount.