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Its common to receive multiple 1098 forms from any mortgage company or loan servicer that you paid mortgage interest, points, or taxes in a tax year.
Do I need to include Form 1098 with my tax return?
File a separate Form 1098 for each mortgage. The $600 threshold applies separately to each mortgage, so you are not required to file Form 1098 for a mortgage on which you have received less than $600 in interest, even if an individual paid you over $600 in total on multiple mortgages.
Where do I enter Form 1098 on my tax return?
Deducting mortgage interest using Form 1098 You might be able to deduct the Form 1098 amounts if they meet the guidelines for that amount. Put Box 1, deductible mortgage interest, and Box 6, points, into your Schedule A (Form 1040), Line 8a.
What do I do if I have multiple 1098s from refinancing my home debt?
What if I have more than two 1098s? You should combine all of the 1098s directly related to the refinance and enter it as one 1098. An example of this is if you refinanced two loans into one loan. Any 1098s not directly related to the refinance should get entered separately.
How to fill out a 1098 mortgage interest statement?
How to File Form 1098: Mortgage Interest Deduction Box 1: Mortgage interest received from the borrower. Box 2: Outstanding mortgage principal. Box 3: Mortgage origination date. Box 4: Refund of overpaid interest. Box 5: Mortgage insurance premiums. Box 6: Points paid on the purchase of the principal residence.
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The IRS doesnt view the money you take from a cash-out refinance as income instead, its considered an additional loan. You dont need to include the cash from your refinance as income when you file your taxes.
How do I enter two 1098 forms on TurboTax?
Follow these steps to enter your mortgage information: Gather all of your 1098 forms related to your refinance (the form from your original lender and the form from your new lender) Grab a calculator and add together the box 1 amount from each form. Enter the total in TurboTax as Box 1 Mortgage interest.
How do I handle multiple 1098 mortgage forms?
File a separate Form 1098 for each mortgage. The $600 threshold applies separately to each mortgage, so you are not required to file Form 1098 for a mortgage on which you have received less than $600 in interest, even if an individual paid you over $600 in total on multiple mortgages.
Related links
2017 Instructions for Form 1098 - IRS
Specific Instructions Use Form 1098, Mortgage Interest Statement, to report mortgage interest (including points, defined later) of $600 or more received by you
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