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What is the process if I have 2 1098 forms? One from my old house and the other my new? One is a 2019 form, but sold the house in 2020 and the other is my 2020 1098 form.

 
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2 Replies
Carl
Level 15

What is the process if I have 2 1098 forms? One from my old house and the other my new? One is a 2019 form, but sold the house in 2020 and the other is my 2020 1098 form.

he 2019 form is "NOT" entered anywhere on your 2020 tax return. If you did  not claim it on your 2019 return and you want to, then you'll have to amend your 2019 tax return to add it.

If that 2019 form 1098 is for what used to be your primary residence, then you may want to ensure you're not wasting your time with amending. If adding that 1098 amount to your SCH A itemized deductions on the 2019 return does not make your total itemized deductions greater than your standard deduction, then it will make absolutely no difference to your 2019 tax liability what-so-ever.

 

DaveF1006
Expert Alumni

What is the process if I have 2 1098 forms? One from my old house and the other my new? One is a 2019 form, but sold the house in 2020 and the other is my 2020 1098 form.

It depends. To deduct the interest for your 2019 1098, you need to amend your 2019 tax return and report it there. You can report your 2020 1098 in this year's return.  Be sure to report the sale of your old home this year by doing the following.

  1. Go to federal>income and expenses>all income>>show more 
  2. Less Common Income> Start
  3. Sale of a Home>start
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