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What is outstanding mortgage principle

Forum|Forum|7 years ago
June 1, 2019
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Please explain further

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Best answer by MargaretL

It is an amount of your loan (mortgage) that has not been paid off yet.

MargaretLAnswer

Employee

It is an amount of your loan (mortgage) that has not been paid off yet.

Why will it not accept 0 for outstanding mortgage principle. I paid off the loan in Dec, hence no outstanding principle.

Enter the amount of your outstanding mortgage principal on January 1, 2019, if you're doing your 2019 income tax return(s).

Per IRS Form 1098-Mortgage, instructions for Box 2:

Shows the outstanding principal on the mortgage as of January 1, 2019.
If the mortgage originated in 2019, shows the mortgage principal as of the date of origination.
If the recipient/lender acquired the loan in 2019, shows the mortgage principal as of the date of acquisition.

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I received 2 1098s as I refinanced in 2019.

It shows 0 in box 2/Outstanding Mortgage Principal of a of 1/1/2019 of the one they paid off.

What do I put in TurboTax?

THANKS!!