How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Megan C Your Own Question
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16547
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
23669918
Type Your Tax Question Here...
Megan C is online now
A new question is answered every 9 seconds

Hello, I purchased my first home in August, 2013. This is

This answer was rated:

Hello,
I purchased my first home in August, 2013. This is the first year I have had the pleasure (although complicated) of itemizing deductions. My loan originated with a mortgage broker who sold my mortgage to a bank shortly after closing. I have received two 1098 forms, one from the mortgage broker and one from the bank that currently holds my mortgage. They each have dollar amounts listed in Box 4: Mortgage Insurance Premiums. One is for $1,028.00 and the other is for $4,028.75. Do I get to deduct both?

Megan C :

Thank you for your question, my name is XXXXX XXXXX I will be happy to help you

Customer:

OK thanks, XXXXX XXXXX able to see my question?

Megan C :

Yes, and your requested professional is not online at the moment ... You have two 1098 forms because you had two banks service the account

Megan C :

So you will add the two 1098 figures together

Megan C :

You deduct both

Customer:

Great! I thought so, but was not sure and I did want to complete the return incorrectly. Thanks!

Megan C :

You're welcome!

Megan C :

:-)

Megan C :

Is there anything else I can assist you with today?

Megan C :

If not, please rate positive so that I may receive credit for assisting you today

Customer:

That's it thanks!

Megan C and other Tax Specialists are ready to help you

Related Tax Questions