Question

Mortage Refinance

Forum|Forum|6 years ago
April 25, 2020
1 reply
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I refinanced my mortgage in 2019. From original lender Bank A, refinance to Bank B. Then Bank B transferred loan to Bank C. There is no option to indicate that loan A or B was paid off. Now the system thinks my average loan balance exceeds $750,000 which is not accurate. I saw a similar question which recommendation to delete them all and start over, but that did not work. Help!

A

Anonymous

you need to complete a TT form 1098 for each one you got

then down a little bit is mortgage use section

use line 2 to link to home mortgage interest worksheet. there you will enter all the details of the mortgage

one of these worksheets is need for each 1098.

be careeful on the refi. say the original loan ws $500,000 you paid it down to $400,000. you refi $500,000 putting the extra $100,00 to personal use not connected with buying ,improving or building on the first or even a second home. only $400,000 is qualified acquisition debt. which means part of the interest wom't be dedcutible.