Home loans

We purchased an investment property for our daughter and grand-daughters to live in following a divorce.  Are we able to claim any mortgage and points benefits even though we are filing using the Standard Deduction?

What's included in the calculation for adjusted cost basis? Specifically:  (1) Are loan costs -origination charges: process/underwriting, and tax service fees included?  (2) Are property taxes included?

We refinanced a home equity line-of-credit loan but the lender put $10k in our savings account that we didn't need yet.  The $10,000 was not used during the remainder of the year and paid back in full the next year.  How do we report how the money was used when we didn't use it?

I will be making an early withdrawal of $10,000 from my Roth IRA, which was opened in 2008 for a newly built construction home. However, the home won’t be built until Feb 2021. Along the way, I will be adding upgrades to the home where I will have to put a deposit. The deposit will go into the escrow account and count towards the down payment. I know there’s a rule of spending the withdrawal amount within 120 days. All the upgrades/deposits will be within 120 days. Does this fall in line with purchasing a new home? Thanks

Can I deduct prepaid interest from a closing that is not on my 1098 from purchasing a house?  The 1098 is from my loan company but the closing paperwork is from the Title office and includes property taxes, prepaid interest, etc.   Can those be deducted somewhere if they are not on the Mortgage 1098 form?

We refinanced in 2021 and took a first mortgage on house and a HELOC. Paid off mortgage on second home. My interest deduction is not for full amount of interest paid. It is short from interest paid on all loans secured by property. Why am I not getting full amount of interest paid as a deduction?

I owned a home in NY for the entire 2021 year and was paying my property and school taxes directly to the county and school district.  These bills were not escrowed into our mortgage as we chose not to when we purchased the home in 2015.  In May 2021 we purchased a vacant property in OH so that we could start building a new home in 2022.  Where would I report the NY taxes since these would not have been escrowed into our NY mortgage?

Hi experts,  I had bought my first property last year (2020), and I just realized that I made a mistake of saying the loan was not secure but when in fact it was. So I missed out on a good amount of refund.  Is there a way to reclaim that amount, or that money is long gone?  Thanks in advance. 

Box 2 says it requires a value.  I put in 0.00 which is what's on the 1098 and it won't take it.

I am attempting to e-file my returns, however, I keep getting an error message.  The error message refers me to Schedule A, Line G-4 ($ Borrowed in 2021) and the line shows a blue highlighted line with no entry on that line.  I cannot enter the information on this line via the error route.  Is there another route to take towards making the correction so that I can e-file my returns?  thanks.

I heard you get a credit or some type of deduction if you made all your house payments on time. Is this true??

Under Installment Sales Summary I have properties I sold and enter the principal and interest each year, I owned them for more than 5 years.  I didn't receive a payoff on the mortgage when I refinanced this for the borrower, and the new mortgage is in a new name (the borrower's son).  How should I record this so I don't trigger a principal payoff or a sale of property owned less than a year?  The mortgage balance is higher because past-due real estate taxes were added to the principal balance.  Help!  

I purchased a main home last year and paid points but I did not have enough deductions to itemize for federal taxes. The loan was refinanced with a different lender in 2021. When I entered the points paid Turbo Tax did not calculate a deduction for the total points paid, which it should have since they were not deducted in 2020. Turbo Tax was used in 2020 and the info brought over to 2021. How do I deduct the total amount for points paid? I haven't started state taxes so I'm not sure if it will recognize the points were deducted last year since I was able to itemize state taxes.  

My daughter owned a condo that I was a co-borrower on the mortgage.  She owned for approximately 10 years.  She sold the condo  in 2021 and purchased a new home.  I am not on the new mortgage.  I received a 1099s for the capital gain of the property.  I did not receive any funds or use any funds.  They were all used in the purchase of her new home.  How do I put this in my taxes?  I should not have to claim any capital gains since I didn't get anything.

I bought our home in the mid-80's for $40,000, 25 years later through divorce, I bought the ex's share of the home for $100,000. Now 10 years later, I sell the house for $185.000. My question is how much would be a capital gain?

I paid off my primary residence in April 2021.  I took 33,000 from my Voya 457.  When asked the question by Turbotax it ask me what did I do with the money?    There were only two choices.  I paid $3,333 Federal Tax and State tax.    Where else can I explain I paid my home off?  Am I entitled to any refund?  

Waiting on this update to file my 2021 taxes.  Deductible Home mortgage interest wks Form not finalized......expected to be released Feb 17.  Thats today, still pops an error on tax check.  When will this be complete?? 

My husband I purchased a second house with no mortgage.  When I go in to add this it asks for a lender.  Is there anywhere else I can add or what do I put in the lender field.  6 months later we sold said house.  This was not our intentions by no means, but we are here now.  Any advice would be greatly appreciated.

Good morning,I had recently submitted my tax return but weeks later I received a Form 1098 from my bank. I am sure if I have to report the interest amount on my tax refund? Do I amend it and add this? It's my first year having mortgage payment and was unsure if was already reported from the bank or if I also had to add it to my refund.

I refinanced my mortgage for my primary residence, and took cash out (the extra money was set aside in the bank to be used to renovate the house). It Closed at the end of December, 2020, but was not Disbursed until early January, 2021. I received 1098 forms for both 2020 and 2021, which list the Origination Date as December, 2020. The Points were not listed on the 1098s (the Closing Disclosure listed it as an Origination Fee, and I have read that Origination Fee is just another term for Points when the other Closing Fees were paid separately).  Is that deductible in 2020 (when it Closed), or 2021 (when the money was actually Disbursed)?

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I'm thinking of getting a HELOC loan to do home improvements. Where can I find out whether the home improvements I have in mind would qualify for the interest of the HELOC to be deductible? For example, I need to replace my 40 year old windows, need to install ceiling lights in living room, need new flooring in living room, need painting done, and need to upgrade laundry room with flooring and new washer/dryer. Would washer/dryer be considered home improvement or not? Painting? Windows, etc? Or are some of these non-home improvement. Replacing table, bookcases, sofa in living room would be non-home improvement, right?

I refinanced by existing Reverse Mortgage on my home with a different lender in Nov 2021.  I received two 1098's from the old mortgage company one a Copy B and one a Copy C both showing identical data:  my outstanding mortgage principal, Morgage Interest received from payer/borrower and Mortgage Insurance Premiums. I have already submitted my tax return for 2021 and it has been accepted.  Are these for my info and records only or are they required by the IRS?  

HelloIn March 2021 I paid off my house, I paid it with my 401(k), I received the form 1099-R I entered already it in turbo tax. Where I should enter the paid off of my house? Also my form 1098 is only for the portion of interest before the paid off but the box 2 outstanding mortgage principal still shows the balance of my balance of principal because in the form says the amount in the box 2 shows the outstanding principal on the mortgage as of  1/1/2021. I received a letter from my bank where says my loan is paid off. I paid Real estate in my own since I owned the house, I should enter it as real estate?Thank you very much for your help, Rosa

I refinanced an existing mortgage in July 2020. TurboTax prompted me to combine the Box 1 mortgage interest from both 1098 Forms in the worksheet for the loan I paid off. No problem there. However, TurboTax also prompted me to enter the Box 2 Outstanding Mortgage Principal for the paid-off loan (with a 1/1/20 Box 2 balance of $730,000 (rounded)), plus the payoff amount at closing ($720,000). For the refinanced loan, I entered the new mortgage Box 2 amount ($625,000 at origination) and the 12/31/20 balance ($615,000). The supporting loan worksheet appears to assume both loans were outstanding throughout 2020, calculating an average 2020 mortgage balance of $725,000 + $620,000 = 1,345,000. Since the IRS disallows interest deductions on loans over $750,000, the software limits my interest deduction to $750,000/1,345,000 = 56% of the actual interest I paid. What's the work-around for this??? Leaving Box 2 blank gives an error.