Mortgage/principal balance

Forum|Forum|1 year ago
March 19, 2025
1 reply
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I have 2 1098 forms. In 2024 I had a mortgage with bank #1 from May until April. Then it was bought/transferred to bank #2. I am being asked for the Principal balance as of Jan 1 2025 for bank #1. The only amount I have is line 2 (on 1098) which is Outstanding Mortgage principal. Additional information I have on bank #1 is under ANNUAL TAX AND INTEREST STATEMENT - Current Payment $ - Ending Balance $ - Principal Applied $. Are any of these amounts what I need? So What amount do I put for bank #1 or can I leave it blank?

Bank #2. I am also being asked the question for the Principal balance as of 01-01-2025. When I go back to the bank form for Jan 4 2025, it gives me Principal $- Interest $ - Remaining Balance $. Is the Principal balance that is being asked for on the tax form the Remaining balance?

SharonD007

Level 14

Enter all the information from the first 1099-Mortgage Interest Form (original loan). Mark that it was sold when TurboTax asks. Next, enter the second 1099-Mortgage Interest Form. Don't enter that the second one was refinanced since the mortgage wasn't refinanced, just sold.

The outstanding mortgage principal will be in box 2 of the current servicer. There shouldn't be an outstanding mortgage principal for the original servicer since the loan was transferred.

Refer to the TurboTax article How do I handle multiple 1098 mortgage forms in TurboTax Online? for additional information.

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