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Level 2
posted Mar 29, 2023 10:36:33 AM

Refinance Question

I refinanced my home in April 2022. So I had 2 loans in 2022 (both were refinance). In TurboTax, as I put in the information of the loan that I had for 3 months (paid off in April when I refinanced with a different lender),  it asks what the balance is on my mortgage loan on December 31, 2022. Do I enter the balance of the loan that was paid off in April, or the balance of the new loan?

thanks

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1 Best answer
Expert Alumni
Mar 29, 2023 11:04:31 AM

You will enter the payoff amount and date of the payoff.  This provides an ending balance for that first loan in order to calculate an average balance.  

1 Replies
Expert Alumni
Mar 29, 2023 11:04:31 AM

You will enter the payoff amount and date of the payoff.  This provides an ending balance for that first loan in order to calculate an average balance.