Multiple 1098s

[wrigrigg]

I have four 1098 forms.  The first 1098 is for a house I sold early in 2021.  The second, third and fourth 1098 is for a house I bought in 2021.  The mortgage on the house I bought was sold and transferred to new lenders twice before the end of 2021 (I know, it is ridicules and completely out of my control).  How do I enter all of the 1098 forms correctly? 

1. For the two homes do I enter them as both Primary homes or do I enter one of them as a Second Home?
2. How do I answer the following questions for the three 1098 for the same mortgage.  "Is this the original loan you used to buy your property?"  I have entered "yes" for all three 1098s since technically it is the same loan just held by three different lenders.  Is this correct?

Thanks

[AliciaP1 · Accepted solution]

Report the sold home/mortgage Form 1098 separately as your primary home.  Then for the 3 loans/Forms 1098 follow these instructions:

1. Gather all of your 1098 forms related to your loan being sold.
2. Grab a calculator and add together the box 1 amount from each form. Enter the total in TurboTax as Box 1 Mortgage interest.
3. Add the Box 5 amount from each form and enter the total as Box 5 Mortgage insurance premiums. (If you weren’t required to pay mortgage insurance, these boxes will be blank on your forms and you won’t enter anything.)
4. Add the property tax paid from each form and enter it in the Property (real estate) taxes box.
5. Next, finish adding info for boxes 2, 3, 7, and 11 using the Form 1098for the original loan. 

You will also report the home purchased in 2021 as your primary and it will now only have 1 1098 reported.