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March 9, 2021
Question

Refinanced mortgage outstanding loan balance

  • March 9, 2021
  • 1 reply
  • 0 views

We have refinanced in 2020 with the following information and received 3 1098 forms.

 

Company A: original loan of 500k.

Company B: refinanced with 400k after paid off 100k difference and 400k to A.

Company C: B loan transferred/bought over by company C that we are currently paying the mortgage of 400k with.

 

On the mortgage interest form, turbotax asks for more information:

What was the outstanding loan balance on Jan 1, 2021, if you paid off in 2020, enter the balance on the day you paid off. 

 

Should I enter like this? 

 

1) Company A: 500k

2) Company B: 400k

3) Company C: 400k

 

It is not triple counting? want to check the TurboTax gets the net loan of 400k correctly this way.

 

1 reply

March 9, 2021

Enter outstanding loan balance from 1098 from bank C.