$40k mortgage interest why does TT tell me to take the standard deduction?

Forum|Forum|1 year ago
December 17, 2024
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Bought in 2024, loan $655k, mortgage interest nearly $40k. (Yes high interest.) Primary home.

I have some self-employment income but not sure how that is relevant. I am mostly unsure why I can't deduct the $40k and why TT say to take the standard deduction. Married, head of household. Max SALT, too.

Best answer by rjs

When TurboTax asked whether the loan is secured by a property of yours, did you answer Yes? If the loan is not secured by a home that you own, the interest is not deductible. A mortgage loan is normally secured by the home that the loan was used to purchase.

rjsAnswer

Employee

Mark7902Author

Thank you. I did answer "yes," the mortgage is secured. So I am still puzzled why it won't use the $40k and wants me to use the standard deduction.

DoninGA

Employee

If you are using the TurboTax desktop editions click on Forms. In Forms mode locate the Schedule A on the left side of the screen and click to open the schedule. What amount is shown on Line 8a?