Question

I refi my mortgage to lower my interest, did not pull equity. What dollar amount do I enter on line C (buy, build, or improve) on the home mortgage interest worksheet?

Forum|Forum|6 years ago
February 24, 2020
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TurboTax Deluxe Online

If all of the proceeds from your mortgage were to used for the house then for Line C the answer is Yes and you do not need to enter an amount.

If the answer is No then you need to figure the amount of the loan that was used for other purposes i.e. Loan taken out $375,000, $25,000 used to purchase a car, then the loan used to buy the house is $350,000 and the amount of interest you can deduct on your tax return is limited to the amount of interest paid on the $350,000 since the rest of the loan was used to buy a car.

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