Refinanced Home Loan

Forum|Forum|4 years ago
February 18, 2022
1 reply
7 views

Hi,

I refinanced my home loan last year and have two 1098s (one from my original lender and one from my new lender). Right now all I see is the option to enter the first 1098 and then enter another one, but how do I classify that I refinanced? It looks like two different mortgages within the software.

ScaperDude

Level 2

I did the same thing! It's easy, just enter both 1098s. TurboTax will help by asking questions about the two, is this like: Is this your primary residence? Did you refinance? etc, as you proceed! Just make sure you use all the info off of each 1098 including the Account numbers and Company/Bank name to differentiate between them. I entered the original loan first then the refi.

DianeW777

Level 15

@BluthBananas

If you refinanced your mortgage and you have two Forms 1098 the article below will be helpful for you to enter your mortgage interest.

What do I do if I have two 1098s from refinancing my mortgage?

Any additional debt not used to buy, build, or substantially improve a qualified home isn't home acquisition debt. TurboTax will calculate the amount of allowed mortgage interest deduction based on your entry or you can choose to make the entries yourself.

To review the information and worksheets you can use this link: IRS Publication 936, page 12 (you can make the appropriate entries by selecting 'I'll enter it myself')

Note: If the mortgage for acquisition debt (buy, build improve your home) is greater than $750,000 (or $1M for grandfathered debt incurred on or before December 15, 2017) there is further limitations.

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