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Returning Member
posted Mar 7, 2022 7:36:40 AM

Refinance 1098s

I refinanced my home. I received two 1098s from the bank. One for the old loan with interest paid, the second for the new loan interest plus points. Do I enter this as only one 1098? when I enter as two, I get a turbotax remark that the second entry is NOT taxable????

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1 Replies
Expert Alumni
Mar 7, 2022 7:53:52 AM

Yes, you would enter both. Unless the "remark" prevents you from e-filing, ignore it. Mortgage interest is never taxable.

 

I refinanced my home, what can I deduct?

 

You may be able to deduct:

You'll receive two 1098 forms, one from your original loan and one from your refinance. Follow these instructions to enter the combined amounts in TurboTax.

If your mortgage was transferred from one company to another, you'll also receive two 1098 forms. This is pretty common and isn't considered refinancing. You're still paying off your original mortgage, even if it's now held by a different company. If you didn't get a new loan, then you haven't refinanced.

Related Information: