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February 23, 2025
Question

In 2024 our home loan was transferred to a new lender AND we sold our home. I've entered both 1098s. For the date loan was paid off do I put the home sale date for both?

  • February 23, 2025
  • 1 reply
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Our home was purchased in 2015. In May of 2024, the loan was transferred from one lender (Lender #1) to a new lender (Lender #2). In October of 2024 we sold the home. I received one 1098 from Lender #1 and one from Lender #2. I have entered both 1098s into TurboTax, indicating that the one from Lender #1 was NOT the most recent 1098 and the one from Lender #2 WAS the most recent. For each one, TurboTax asks for the "Date loan was paid off". Right now, I have put the date of the home sale for both Lender #1 and Lender #2. Is this correct? Even though technically the loan from Lender #1 was paid off by Lender #2 when they purchased the loan?

    1 reply

    February 23, 2025

    if your intetrest deduction isn't being limited, it doesn't matter because the IRS doesn't get the payoff info