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1098 Bx 2 question: interest less than $600 ( was $575). No 1098 but want to enter interest. Does value of mortgage principal go in Bx 2 or the value of the Eq. Loan?

Forum|Forum|7 years ago
June 1, 2019
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When I try to enter the home equity loan interest, one of the questions that comes up in turbotax is from box 2: "outstanding mortgage principal as of 1/2/2016." Since I do not have a 1098, I don't have that answer. My question is: does the value of the mortgage of the home that I took out the loan against go in that box, or does the value of the home equity loan go in there?

Thank you in advance.

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Best answer by PaulaM

Assuming you have a 1098 form for the original loan, enter the outstanding mortgage balance of the original loan as of 1/1/2016. That should be in Box 2 of your 1098 or you can find it on your Jan. 2016 mortgage bill.

For the home equity loan interest, enter the interest as if you received a 1098 form by selecting the 'add a lender' link on the mortgage summary page.

If you took out the home equity loan after 1/1/16, you can leave the box 2 amount blank. If you took the home equity loan out before 1/1/2016, then you will need to contact the lender for the balance if you don't see it on your Jan. bill for this loan.

P

PaulaMAnswer

Employee

Assuming you have a 1098 form for the original loan, enter the outstanding mortgage balance of the original loan as of 1/1/2016. That should be in Box 2 of your 1098 or you can find it on your Jan. 2016 mortgage bill.

For the home equity loan interest, enter the interest as if you received a 1098 form by selecting the 'add a lender' link on the mortgage summary page.

If you took out the home equity loan after 1/1/16, you can leave the box 2 amount blank. If you took the home equity loan out before 1/1/2016, then you will need to contact the lender for the balance if you don't see it on your Jan. bill for this loan.

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