'Tell us about how you've used this loan' section in Turbo Tax

Forum|Forum|1 year ago
April 12, 2024
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Hi,

After entering the mortgage interest paid, there is a section for "Tell us about how you've used this loan" with the following question:

Since you first took out this loan, how much has been spent to buy, improve, or build the home it's secured by?

What was the balance of your mortgage loan on December 31, 2023?

I had refinanced my mortgage. I need clarification on the 1st question. The amount entered should only be the total refinanced amount that was used for home? Do not include the amount that was used for non-home related?

Thank you..

zomboo

The response to the question 'Since you first took out this loan, how much has been spent to buy, improve, or build the home it's secured by?' should be the total amount of the original purchase price plus any expenses borrowed to substantially improve the home. Not just what portion of the refinance loan was used on the home.