Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jul 8, 2024 7:23:48 AM

Show me how to file my refinance

0 2 2056
2 Replies
Level 15
Jul 8, 2024 7:37:04 AM

Only the interest paid on the loan is reported on a tax return.  The lender should have sent you a Form 1098 showing the interest paid.

Mortgage interest is an itemized deduction reported on Schedule A.  The total of all your itemized deductions on Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.

 

Click on Federal on the left side of the online program screen.  Click on Deductions & Credits.  Under Your Home, on Mortgage Interest and Refinancing (Form 1098), click the start or revisit button

Level 15
Jul 8, 2024 9:46:24 AM

You might get two 1098 forms, one for the old mortgage and one for the new mortgage. If so, enter them both in TurboTax. After you enter the first 1098, when you get to the summary screen, click "Add a Lender" to enter the second 1098. Read the screens carefully.