don't understand: 'What was the balance of your loan on December 31, 2024'

[tycenedesign]

Refiance in 2024. I got 2 - 1098. The first question asks about how much of the loan did you use to remodel. Easy enough to answer but the 2nd asks about what was the balance of the loan on December 31, 2024. Does that mean of the money I used to remodel was left or how much have I paid off of the first loan or 2nd? Not clear

[SabrinaD2]

The question about the balance of  your loan(s) on December 31, 2024, is asking for the outstanding principal balance of your  home loan(s) on that date. This means the total amount you still owed on the loan at the end of the year.

• Outstanding Principal Balance: The remaining amount you owe on your loan as of December 31, 2024.
• Form 1098: Check your Form 1098 for this information. If it's not included, check your year-end mortgage statement or contact your mortgage company.
• If you have both a first and second mortgage, there should be 2 1098s - you'll need to report each one separately in TurboTax

For more details, you can refer to the IRS instructions for Form 1098 here.