Question

3 1098 forms

Forum|Forum|3 years ago
February 5, 2023
1 reply
0 views

I have 3 1098 forms

A. A HELOC on a home we sold in September

B. From our lender when we bought our house

C. From the lender that bought the loan from the first lender

The A 1098 is no issue. My issue is that the B and C ones both show the same loan start date and loan amount but B also shows the points I paid. When I enter them both, it makes it look like I have too large of a loan because it is adding both loan amounts together and so it doesn’t want to let me claim all of my interest paid.

Should I only enter it once and add the interest together or how do I do this?

PatriciaV

Employee

When a mortgage is sold, you need to enter both copies of Form 1098, but one answer will change. By marking the first 1098 as not the most recent, TurboTax will not add the two forms together. See the instructions below:

Enter the 1098 for the original mortgage first, exactly as it appears.
When you get to the Let's see if this is the most recent form for this loan screen, answer No to Is the 1098 you're working on now the most recent for your loan?
On the next Let's get some details about this loan screen, answer Yes to Is this the original loan you used to buy your property?
Select Continue to be taken back to the Your 1098 info so far screen.
Select Add another 1098 and continue.
Answer the questions accordingly and complete your 1098 info exactly as it appears on your form.
On the Let's see if this is the most recent form for this loan screen, answer Yes to Is the 1098 you're working on now the most recent for your loan?
On the next Let's get some details about this loan screen, answer Yes to Is this the original loan you used to buy your property? Even though the loan is with a new lender, it's still considered the original loan for this calculation.
When you're all done, you'll see both your forms on the Your 1098 info so far screen. Then Continue to the end of the section.