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February 6, 2021
Question

The outstanding mortgage principal (Form 1098 Box 2) seems incorrect. It looks like the bank entered my beginning principal balance instead of ending principal balance?

  • February 6, 2021
  • 1 reply
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1 reply

Kat11_2
Employee
February 8, 2021

It is confusing.  The amount in Box 2 of your Mortgage Interest Statement is the balance as of January 1, 2020.  So this is the statement for the full year of 2020.  

 

I'm sharing a screenshot below from the IRS instructions for the Mortgage Interest Statement.

 

*** I am NOT a tax expert. I am a seasoned TurboTax user, and volunteer to provide assistance to TT users. Nothing I post is to be considered TAX ADVICE; I bear no legal liability for responses.***