Question

How do you enter 2 different lender 1098 forms? (The latest¤t lender, for the refi, was a cash out refi. for home improvements)

Forum|Forum|5 years ago
May 28, 2021
2 replies
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I cannot find the answer to this in previous posts. I've owned my home 20 yrs, was with WF since 2008 and then I did a refi with SCU w/cash-out end of last year. Used for home improvements. I am getting confused how to enter each of these and answer the Qs they have. (Also, do we enter both lender mortgage balances or only the most recent one that is for my current mortgage, with SCU?)

fanfare

Employee

if you took cash out and used it all 100% for home improvements,

then you don't need to do anything special.

All the interest is deductible.

A

AnnieBananie77Author

I'm still unsure how to answer the Q on TurboTax. It is asking on both entries, whether I refinanced the loan. Also, I am still unsure if I need to enter both mortgage balances or just the current one (the one that was a new lender refinance with cash out that I did end of last year). Thank you!