1986384
Hi I need help entering multiple 1098s for my home
Bought the home in 2014, mortgage of 652k with Bank A no points paid.
In 2020, refinance mortgage of 590k with Bank B and paid points
Bank B later sold loan to Bank C
Now I have 3 1098s how do I enter?
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Here is the workaround:
If you have more than one 1098 form, I will recommend you to combine all 1098 forms and enter as one. I am attaching a TurboTax link for the instructions how to do claim your mortgage interests. Click here:
For tax years prior to 2018, your mortgage interest deduction is generally limited if all mortgages used to buy, construct, or improve your first home (and second home if applicable) total more than $1 million ($500,000 if you use married filing separately status). Beginning in 2018, this limit is lowered to $750,000. For more information about the mortgage interest deductions, click here: Mortgage Interest deduction
if I combine all the 1098s into one. What do I name Mortgage Lender? Put it as Bank A/Bank B/Bank C?
When you combine multiple 1098s, use the name of the original lender. (Bank A)
Here are instructions:
Next, finish adding info for boxes 2, 3, 7, and 11 using Form 1098 for the original loan.
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