Question

Home Mortgage Interest Information

Forum|Forum|6 years ago
January 31, 2020
1 reply
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I have refinanced the 1st mortgage used to purchase my house years ago. I also have a HELOC that was not used to improve the home which was sold to another company in 2019. I have entered all 3 1098's but when I go to transmit my returns, the system asks the following 3 questions

1) Debt on Date last secured

2) Is this a Heloc Loan Yes/No

3) What is the fair market value of your home

Where do I enter this information at?

thank you!

B

bwergeles

This information is entered by answering the questions that follow your home mortgage entries from Form 1098. Please follow the steps below to enter this information:

Log into TurboTax and click on any topic to continue
Click on "Federal" from the menu on the left-hand side and then click on "Deductions & Credits" at the top
Click on "Edit/Add" next to "Mortgage Interest" and then click on "Review" to the right of the name of the bank
Click "Continue" until you get to the 1098 details and verify your entries agree to the Form 1098, pay close attention to the "Outstanding Mortgage Principal on 1/1/19" and "Mortgage Origination Date"
Click "Continue" and carefully review your answers to all the questions
Be sure to check your answers to the questions on the page "Is this loan a home equity line of credit or a loan you've ever refinanced"
Click on "Review" from the menu on the left-hand side to check your return for errors