This may be a work around if you have multiple 1098s. I suggest you enter each one separately. If a Mortgage is paid off, or re-financed you should: Enter $1 in Box 2 Outstanding Mortgage principal for the Refinanced / Paid off mortgage Every 1098 should be posted. The final 1098 for that property will have the full loan amount as reflected in Box 2. If you have multiple properties, you should follow this procedure for each property. This will properly record every 1098, and avoid any issue with mortgage limitations.

Question

I have two 1098 forms due to refinancing last year. Do I have to check "interest amount I entered is different" box since I have to add both totals?

Forum|Forum|5 years ago
April 12, 2021
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JohnB5677

This may be a work around if you have multiple 1098s. I suggest you enter each one separately.

If a Mortgage is paid off, or re-financed you should:

Enter $1 in Box 2 Outstanding Mortgage principal for the Refinanced / Paid off mortgage
Every 1098 should be posted.
The final 1098 for that property will have the full loan amount as reflected in Box 2.
If you have multiple properties, you should follow this procedure for each property.

This will properly record every 1098, and avoid any issue with mortgage limitations.

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