Yes you would put in the loan balance with the former lender as of 1/1/18.
I am in the same situation as original poster however, I would still like to clarify my situation. My loan was also sold mid year, my orginal lender gave a balance in box 2 for outstanding balance as of 1/1/18 but no ending balance as of 12/31/18 I’m guessing because it was sold to mid year. And as for my current lender, I have the ending principal balance as of 12/31/18 but not the outstanding balance as of 1/1/18 in box 2 because it is left blank which I’m guessing because it was bought mid year.
So this is what I attempted to do on TT. For the original lender’s 1098, I input the given amount that is in box 2 (outstanding balance) and $0 for ending balance as of 12/31/2018 because i do not have or been given that information. Then I added my current lender and input their 1098 information which I input $0 for outstanding balance as of 1/1/18 because box 2 is blank, then I input the ending balance amount as of 12/31/18 because I do have that information from them.
However, at the end when I do the TT smart check it is flagging both of my $0 input for each 1098 from the separate lenders. So my question is, for my original lender’s 1098 what do I put for the ending balance amount? Do I put the $ amount at the time it was sold to the new lender? And as for the 1098 for the new lender, do input the $ amount at the time it was purchased from the original lender? Please help because I’m really not sure what to do since TT is flagging both 1098 which I inputted separately.
Exact same situation. If I adjust all numbers from each 1098 to be correct, will IRS accept return? Please advise quickly!!
Come on TT!! No response to this yet?? $0 is not allowed in TT for these fields.
I am in the same situation, except my new lender has the same Beginning Balance as my old lender is showing as Beginning Balance, and my old lender is showing the balance transfer amount. This is what I've done so far...
I'm using the same Beginning Balance for both lenders since they are both reporting the same amount.
For Ending Balance on old lender I'm using the transferred balance.
For Ending Balance on new lender I'm using what they're reporting.