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July 12, 2020
Question

Where do I input student loan interest paid?

  • July 12, 2020
  • 1 reply
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My wife and I were gifted properties from our parents that we sold last year.

1 reply

Hal_Al
Employee
July 12, 2020

In TurboTax (TT), enter student loan interest paid at:

Federal Taxes Tab (Personal for H&B version)

Deductions & Credits

“I’ll choose what I want to work on” button

-Scroll down to:

--Education

  -Student Loan Interest paid (form 1098-E) *It is an adjustment to income (above the line deduction). So, you do not have to itemize to get the deduction.

 

In TurboTax (TT), enter property sale at:
- Federal Taxes tab (Personal in  Home & Business)

 - Wages & Income

Scroll down to:

-Investment Income

   -Stocks, mutual funds, Bonds, Other (Real estate is other)

Answer no, when asked if you got a 1099-B. then follow the interview.

The cost basis in a gifted property is the cost basis of the giver.  The giver's holding period also transfers to you.  That is, you have a long term capital gain, even if you owned the property less than 1 year.