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February 14, 2024
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Mortgage Interest deduction Issues

  • February 14, 2024
  • 1 reply
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I have a primary and secondary residence.  Combined loan amounts under $750,000.  I have two 1098's for primary residence of $10,000 and one 1098 for secondary residence $13,000.   After entering the mortgage interest for primary and secondary, Schedule A only shows the primary mortgage interest.   I deleted the secondary information and re-entered it again, but it still won't add in the secondary residence. 

Should I override it and can I still efile my taxes with an override?  Or are there tax changes that I don't know about. 

Thank you.

  

    Best answer by DMarkM1

    No. You should not override and no tax changes that affect your situation.  For the multiple 1098 entries it is usually best to start from scratch.  Delete both 1098 entries on the "Home Loan Deduction summary" page and click Done.

     

    Next re-enter the forms 1098 as follows:

     

    1. Primary home oldest loan
    2. Primary
    3. None of the above or as applicable
    4. Enter form information
    5. I have no points or as applicable
    6. Is this the most recent 1098?  NO
    7. Is this a refi or HELOC?  Neither or as applicable
    8. If a refi, answer on how the funds were spent; if only spent on the home then answer "Yes"
    9. Add a lender Do not click Done
    10. Next, work the Primary home most recent mortgage
    11. Primary
    12. None of the above or as applicable
    13. Enter the form information
    14. Is this the most recent 1098?  YES
    15. Is this a refi or HELOC?  Neither or as applicable
    16. If a refi, answer on how the funds were spent; if only spent on the home then answer "Yes"
    17. Add a lender Do not click Done
    18. Finally, work the second home
    19. Second Home
    20. None of the above or as applicable
    21. Enter form information
    22. Yes secured by a property you own
    23. I have no points or as applicable
    24. Is this the most recent 1098?  Yes
    25. Is this a refi or HELOC?  Neither or as applicable
    26. If a refi, answer on how the funds were spent; if only spent on the home then answer "Yes"
    27. Continue and Done

     

    If this does not show the results you are expecting you should re-post here with any special circumstances such as refi's or HELOCs.

    1 reply

    DMarkM1
    DMarkM1Answer
    February 14, 2024

    No. You should not override and no tax changes that affect your situation.  For the multiple 1098 entries it is usually best to start from scratch.  Delete both 1098 entries on the "Home Loan Deduction summary" page and click Done.

     

    Next re-enter the forms 1098 as follows:

     

    1. Primary home oldest loan
    2. Primary
    3. None of the above or as applicable
    4. Enter form information
    5. I have no points or as applicable
    6. Is this the most recent 1098?  NO
    7. Is this a refi or HELOC?  Neither or as applicable
    8. If a refi, answer on how the funds were spent; if only spent on the home then answer "Yes"
    9. Add a lender Do not click Done
    10. Next, work the Primary home most recent mortgage
    11. Primary
    12. None of the above or as applicable
    13. Enter the form information
    14. Is this the most recent 1098?  YES
    15. Is this a refi or HELOC?  Neither or as applicable
    16. If a refi, answer on how the funds were spent; if only spent on the home then answer "Yes"
    17. Add a lender Do not click Done
    18. Finally, work the second home
    19. Second Home
    20. None of the above or as applicable
    21. Enter form information
    22. Yes secured by a property you own
    23. I have no points or as applicable
    24. Is this the most recent 1098?  Yes
    25. Is this a refi or HELOC?  Neither or as applicable
    26. If a refi, answer on how the funds were spent; if only spent on the home then answer "Yes"
    27. Continue and Done

     

    If this does not show the results you are expecting you should re-post here with any special circumstances such as refi's or HELOCs.

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