Solved: I'm currently in the income section of turbo tax. It is asking me about sale of my home. I refinanced this year (does that count? I didn't receive a 1099-S
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DRock511
New Member

I'm currently in the income section of turbo tax. It is asking me about sale of my home. I refinanced this year (does that count? I didn't receive a 1099-S

I'm working on finishing up the Wages and Income section and the questions appear to be working on a 1099-S sale of my home worksheet.  I refinanced the main residence in May of 2018 to get a lower interest rate etc. Is this the section that I'm supposed to report this? I did not receive a 1099-S.  

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Accepted Solutions
KrisD
Intuit Alumni

I'm currently in the income section of turbo tax. It is asking me about sale of my home. I refinanced this year (does that count? I didn't receive a 1099-S

No, not if you refinanced, but did not sell the home. A refinance would not be reported in the Wages & Income section. 

If you took cash out during the refinance, the interest on the loan may be limited, but the cash is not reported as income. 

If you have a 1098 for the mortgage interest paid, enter that. If you have two 1098 (old loan, new loan) enter the older one first and answer the interview questions carefully. 


If you DID sell the house, that would be reported in the Wages & Income section. 

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3 Replies
KrisD
Intuit Alumni

I'm currently in the income section of turbo tax. It is asking me about sale of my home. I refinanced this year (does that count? I didn't receive a 1099-S

No, not if you refinanced, but did not sell the home. A refinance would not be reported in the Wages & Income section. 

If you took cash out during the refinance, the interest on the loan may be limited, but the cash is not reported as income. 

If you have a 1098 for the mortgage interest paid, enter that. If you have two 1098 (old loan, new loan) enter the older one first and answer the interview questions carefully. 


If you DID sell the house, that would be reported in the Wages & Income section. 

View solution in original post

DRock511
New Member

I'm currently in the income section of turbo tax. It is asking me about sale of my home. I refinanced this year (does that count? I didn't receive a 1099-S

Yes thank you thank you. It really wasn't making sense with the questions they were asking. Thank you so much!
KrisD
Intuit Alumni

I'm currently in the income section of turbo tax. It is asking me about sale of my home. I refinanced this year (does that count? I didn't receive a 1099-S

Thank you for using TurboTax.
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