Refinanced Home Loan

[BluthBananas]

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]

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]

@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.