Four mortgage 1098s

Forum|Forum|1 year ago
February 3, 2025
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Hi. We have 4 1098s for homes this year. #1 for sale of first home (primary residence). Then #2 for purchase of new primary residence. #3 when lender sold loan. #4 when we refinanced. How do I enter them online? Adding multiple is making us owe a lot more taxes which doesn't seem right.

RobertB4444

You are only allowed to deduct mortgage interest on the first $750,000 in mortgage debt. Because you had four 1098s you entered the amount in box 2 for each of them and the system is totaling up all of that mortgage debt as if you had four mortgages.

Since you have already entered the four 1098s the easiest way to fix this is to go to 1098 #2 for the purchase and 1098 #3 for the sale and change the amount in box 2 of each of those to zero. When the loan was transferred and refinanced then it was zeroed out. The mortgage balance on #4 for the end of the year is the mortgage balance for all three of those.

@Cmk1234

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