So my loan was sold from one lender to another. I followed the direction and added the interest and property tax totals. Where I am stuck is which 1098 do I use for the lender information and outstanding mortgage principal? TurboTax help says:
" 5. Enter the remaining items from the 1098 loan that was paid off in 2020 for the Outstanding Mortgage Principal (Box 2), Mortgage Origination Date (Box 3), and the checkbox on box 7 (address of property securing the mortgage)"
It sounds like I use the old lender for the remaining info, but that seems strange as that would not be the most current mortgage principal for 2020. Please help!
Use the current 1098 for the outstanding mortgage principal as that will be the most accurate. However a mortgage that is sold to another lender is not the same as a new mortgage. So the advice to use the old 1098 is not wrong, but is not the most up-to-date amount.
Your outstanding mortgage principal balance is the amount of money you still owe on your home loan.
I filed to many times now I need just one filing status
Would you please clarify your question so we can fully assist you?
please help me
I did not refinance they sold my Hone to another lender so I have two 1098 forms, Mortgage Interest Credit comes up and ask me for information ,form 8396 I don't have please help
Robert
If you were issued a qualified Mortgage Credit Certificate (MCC) by a state or local governmental unit or agency under a qualified mortgage credit certificate program, use Form 8396 to figure:
You can only claim the credit if you receive a mortgage credit certificate (MCC) from a state or local government agency.
If that does not apply to you, follow the instructions below to delete the form: