We refinanced our only home in 2021 and reported it in last years taxes with the three lenders. In this years taxes we got just a Flagstar 1098 but we again got the question asking for details about this home loan? HELOC, Refinance, neither? Do I indicate refinance again even though it was reported last year?
If I click yes "refinance" option I then proceed to indicate on the next screen "No, I used some of this loan on something other than a home."
Then I'm confused again on the next screen when it asks "How much of your loan did you use to build, remodel, or repair the property." Would this be $0 as we didnt use the cash-out refinance money for remodeling or repair or would it be the "Outstanding Mortgage principal (beginning balance) on my 1098 (around $202k)? Or maybe even a number from last years taxes perhaps?
I'm assuming the "balance of you loan on Dec 31, 2022" is the Ending Balance on our Flagstar 1098 listed under "Principal Balance Activity" (around 198k)
Thank you very much!
No, you would not click on Refinance button because that only needs to be reported in the year of the Refinance.
Please see this TurboTax Tip for more information about mortgage interest,
No, you would not click on Refinance button because that only needs to be reported in the year of the Refinance.
Please see this TurboTax Tip for more information about mortgage interest,