Question

Debt on date last secured?

Forum|Forum|1 year ago
March 10, 2025
1 reply
0 views

I have a 1098 for my refinanced loan, Box 2 is $280K, Box 3 is 10/10/2020. Then I have 1098 for a HELOC, Box 2 is $29K, Box 3 is 11/02/2023. What is the Fair Market Value on date debt was last secured by home? What is Home acquisition debt on date debt was last secured by home? I live in California, using TurboTax Deluxe 2024. Thank you very much! Ready to file as soon as this is done.

PatriciaV

Debt on date last secured refers to the loan amount on the date that you most recently signed the papers for the loan (mortgage or deed of trust, promissory note). This may be the date on which you actually purchased your home, or a later date if you have refinanced your mortgage loan.

Fair Market Value on date debt was last secured by home would be the property market value as of the date of the refinance. This can be determined through methods like an appraisal, comparative market analysis, online valuation tools, or tax assessments.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"