Mortgage interest deduction

Forum|Forum|2 years ago
March 17, 2024
1 reply
0 views

I have both a primary and secondary home which I have entered mortgage interest for on Turbo Tax premier. When I go to look at the total mortgage interest deducted, however it does not show the total of the two interest rates, rather just one of the homes mortgage interest being deducted. My total mortgage property debt falls under 750k, so I am not sure why the total interest is not being deducted in turbo tax. Please help!

Best answer by KrisD15

1212947 is the token number @KrisD15

Thank you!

Ok, I see the answers were done correctly in the Step-By-Step input but did not carry to the worksheet correctly.

The Home Mortgage Section seems to hang on to previous answers. You can delete the second 1098 and re-enter it or follow the steps I took to remedy the problem.

I'm on a PC so hope you see things the same as I do.

Switch to FORMS (top right corner on PC, Left top on MAC)

Scroll to "Home Int Wkst (XXX)" for the second home

The worksheet should show on your screen "Home Mortgage Interest Worksheet"

Go to the "Home Mortgage Interest Limitation Smart Worksheet" under line 13

B was checked NO for "Was this loan the result of refinancing a previous loan?

Change that to YES

C was checked NO for "Were all loan proceeds used to purchase, build, or improve the home secured by this loan?'

Change that to YES

Since the loan balance is over the limit, the interest will be somewhat limited.

@jaymi91773

jaymi91773Author

I'm looking online and perhaps others have had this issue if they have to 1098 forms? Anyone know if this is an issue specific to turbo tax premier?

KrisD15

Are you using Online or Desktop?

I tested online and had no issues.

I suggest you type in the 1098, don't import them.

Be sure to select "Yes, this loan is secured by a property I own"

Primary house for one and Second home for the other

You don't say if you have points to claim

Select Yes for "Is this 1098 the moist recent for your loan?" for both

This loan is neither a HELOC or refinance (unless one is)

If this is not working for you, is one loan a refinanced loan?

Did you use the second home as a rental?

Any other infomration?

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

jaymi91773Author

I’m using the desktop version I got from Costco on my Mac. I did actually type in both 1098 forms. Both are indicated as secured. First is the primary and the other is a secondary (this is the one that isn’t being added to the mortgage interest deduction total). The loans are both refinanced, but back in 2020. The second home is actually my parents house that I am paying the mortgage for. I don’t charge them rent or anything.