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We sold our house in 2019, and we had a HELOC on it. We paid off the HELOC and our 1st mtg at the time of the sale. I received a 1098 from the HELOC company (US Bank). It has Box 1, 3, & 7 entered only. TurboTax will not let me skip Box 2, even with entering $0 or a penny in it. What do I do now?
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Box 2 is the amount of the loan as of January 1, 2019. Since it was paid off during 2019, there would have still been a balance as of January 1st. Your mortgage account or statement should show the outstanding amount at the beginning of the year. It would be the same as the 2018 year-end amount.
Thanks! Do I need to contact the bank for a new 1098 then? Or how would I go about finding out what the balance was on 1/1/2019? The account is closed, of course, so I don't have access to any old statements online.
If you don't have access to the amount, yes, contact the bank.
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