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Thank you Amy and Diane for your help.
this problem is solved after i go into the 540 Home Mortgage Interest Deduction worksheet and manually enter
$0 for end of year balance on 1st 1098 (because the loan has gone to the new lender by year end)
$0 for beginning of year balance on 2nd 1098. (because the loan has existed yet)
With this, the average loan balance is correct and the deduction is correct.
Frank
Thank you! I am so glad you were able to get through. It would be easier if we were sitting with you!
@AmyC i have a similar issue, but when I look at my first 1098 (orig lender) my outstanding balance on line two is what I paid (we bought 07/2019). It was sold the next month, so the 2nd leader has what we paid MINUS our first principal payment on line 2. For example:
lender 1 - line 2: 240,000
lender 2 - line 2: 239, 210
Does that mean one of the 1098s are incorrect?
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