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BeeGee
Level 2
February 15, 2022
Question

Two 1098 Forms Receive

  • February 15, 2022
  • 1 reply
  • 13 views

My client have two Form 1098 because he refinanced: Please help me how to enter into Part 1 - Home Mortgage Loan Information.  Thank you.

1.

Mortgage Interest paid $13,102.25

Outstanding principal - $500,000

Mortgage Origination Date 01/14/2021

 

2.

Mortgage Interest paid $2,198.00

Outstanding principal - $436,899.16

Mortgage Origination Date 05/26/2017

This topic has been closed for replies.

1 reply

sjrcpa
sjrcpa
Level 15
February 15, 2022

What did the client do with the extra ($500K-$436K) refinance proceeds?

The more I know the more I don’t know.
    B
    BeeGeeAuthor
    Level 2
    February 15, 2022

    The $436K was the old balance and when it was refinanced, the new balance became $500K.  It's the same mortgage company. Thanks.

    abctax55
    abctax55
    Level 15
    February 15, 2022

    @BeeGee 

    You need to answer Susan's question as to WHAT was done with the cash taken out with the refinance.

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