Question

Multiple 1098s and 750k limit

Forum|Forum|5 years ago
January 25, 2021
1 reply
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Sold Home A and purchased Home B for over $750k. Home B's mortgage was sold immediately. So I have 3 1098s.

TT is basically giving me full credit for the interest on Home A, then doing the Interest limit calculations for Homes A and B combined and adding it to Home A's interest on Schedule A. So I actually end up with more credit for Interest than I actually paid.

I'm also unsure how to enter the fact that the mortgage was sold but not refinanced. Everything I enter seems to come out with a significantly different outcome.

RayW7

Based on the information you provided Home A 1098 should be correct as issued. If the mortgage on Home B was sold immediately then the new lender's 1098 on Home B should have correct and complete information. I would disregard the 1098 on Home B from the original lender and just enter the 1098 from the lender who purchased the loan for Home B. Should the math not be correct on the new home purchase then unfortunately you will have to contact the lender(s) to have the 1098's updated.