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My mortgage was resold twice in 2022 & I entered the interest I paid all 3 mortg holders - totals correctly in Your Home but in Deductions it only lists the 3rd amount?

The total under Your Home is correct, but under Deductions it only lists the 3rd and last amount so about $3K is not being counted.  Is there a way to force Deductions to use the total value?
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3 Replies
PatriciaV
Expert Alumni

My mortgage was resold twice in 2022 & I entered the interest I paid all 3 mortg holders - totals correctly in Your Home but in Deductions it only lists the 3rd amount?

It sounds like your mortgage interest deduction is being limited. If your active loan amount was under $750,000 as of January 1, 2023 (this year), you need to review your entries for Form 1098.

 

Be sure only one 1098 is listed as the "most recent."

Also, continue through the entry screens after you've entered all three 1098's to answer any further questions. TurboTax should ask for the "ending balance" for each mortgage (of which two should be zero).

 

However, if your average mortgage balance for the year was more than $750,000 ($375,000 if filing separately), then your mortgage interest deduction may be limited. 

 

For more information, see: Can I deduct my mortgage interest?

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My mortgage was resold twice in 2022 & I entered the interest I paid all 3 mortg holders - totals correctly in Your Home but in Deductions it only lists the 3rd amount?

Thank you for the response but no, that did not resolve....

 

I think there is a 'bug' in the system.   I entered 3x 1098 values ~$950, $2200 & $925 - the total was a little over $4k but only the last amount, $925 was being allocated towards the total mortgage interest deduction.  I modified and made the 3rd amount = the total ($4k) and then it used the full value.

 

One frustration was it kept using the standard deduction (I was missing it by a few$100's) w/o showing me what it was applying towards itemized deductions.  I had to force it to use itemized by adding a large charitable gift then it showed me the specific values and I realized all the mortgage interest was not being counted....

RobertB4444
Expert Alumni

My mortgage was resold twice in 2022 & I entered the interest I paid all 3 mortg holders - totals correctly in Your Home but in Deductions it only lists the 3rd amount?

As Patricia says it is the balance that is on the mortgage 1098's that is causing the issue.

 

When you received the 1098's for your refinanced mortgage the 'balance remaining' box should really be zero.  But most mortgage companies enter the balance that was remaining right before they transferred the mortgage.  So the amounts on each 1098 are added up and together they equal more than $750,000.  That's why it works when you put the deduction all on one 1098.

 

Find the 1098s for the first two mortgage companies that sold the mortgage and change the balance remaining to zero.  Whoever had your mortgage at the end of the year is the only one that needs to have an amount in that box.  That will fix your problem.

 

@radamsberry 

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