Loan company was bought out by another company

Forum|Forum|3 years ago
March 17, 2023
1 reply
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We bought a home in November 2022 with one lending company. I made my first payment. Then next month another company took over our loan so it makes it look like we have 2 homes with outstanding balances. How can I claim the interest paid on both mortgage companies without making it look like we have two $355,000 loans? Maybe show one as paid off?

TurboTax Home & Biz Windows

JulieS

Yes, that is exactly how you should do it. Report the first company's 1098-INT with a year end of $0 and than add the second 1098-INT exactly as it was given to you.

To enter your home mortgage interest in TurboTax online:

Open your return and select Federal from the left side menu.
Select Deductions & Credits.
Scroll down to Mortgage Interest and Refinancing (Form 1098), under Your Home.
Click Start or Revisit to the right.
Answer the first question Yes.
Follow the steps to import your 1098-INT, or scroll to the bottom and select, Change how I enter my form.
On the next screen, select Type it in myself, in the lower right corner.
Select 1099-R on the next screen and click Continue.
Enter the information from your 1098-INT. If you have a box that is blank or $0 on your form, leave it blank in TurboTax.
Answer the remaining questions in the section.
If you have more than one 1098-INT, click Add another 1098-INT and repeat the steps.