Mortgage and Income Taxes

[Anonymous]

This may not go here but I don't know where else to ask. I closed on my house October 10, 2014. I never made a single mortgage payment to my original lender as my loan was sold rather quickly. I prepare and file my income taxes myself. I recieved 2 1098's...one from each lender. One them, the interest is different but the points part is exactly the same. Do I file both? I am sorry if it doesn't belong in the forum but even though I didn't post much, just reading really helped me through the mortgage process. Thanks in advance.

[Revelate]

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@Anonymous wrote:
This may not go here but I don't know where else to ask. I closed on my house October 10, 2014. I never made a single mortgage payment to my original lender as my loan was sold rather quickly. I prepare and file my income taxes myself. I recieved 2 1098's...one from each lender. One them, the interest is different but the points part is exactly the same. Do I file both? I am sorry if it doesn't belong in the forum but even though I didn't post much, just reading really helped me through the mortgage process. Thanks in advance.

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I'd file every single piece of paper I received; as a general rule if you got it, the IRS did too.

[Anonymous]

Agreed, file both. The interest rates being different is weird and something that you should investigate. Remember that points are prepaid interest, and therefore deductible. 

[StartingOver10]

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@Anonymous wrote:

Agreed, file both. The interest rates being different is weird and something that you should investigate. Remember that points are prepaid interest, and therefore deductible. 

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The OP said the interest reported on the 1098s was different - not the interest rates. The interest amounts.

[Anonymous]

Yes. The interest recieived from buyer (box 1) is different by almost $1000. The points paid on purchase (box 2) is the same. My actual interest rate, which has nothing really to do with the taxes isn't shown on these forms and they are the same.

[Anonymous]

Oh, then you're probably dealing with teh amount of interest paid to each company (before and after the transition). You can check the dates and see if the numbers make sense. 

[Peter1142]

I'm confused, the points shouldn't be listed twice... only from the lender you paid the points to.

[Peter1142]

Sorry to hijack the thread but does anyone know about the PMI deduction (they extended it this year). My UFMIP for FHA is listed in full on the form, but I can only use 1/84th x the number of months I paid the mortgage... is that correct?