Question

IT196 NYS Home Mortgage Interest

Forum|Forum|5 years ago
April 11, 2021
1 reply
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Hi,

I work in NYC and live in NJ and own a home in NJ. I am using turbotax home and business. While going through the form, I realized that the software is filling out Home Mortgage Interest Worksheet under NYS. Why would NYS care about home owned in NJ? If it does, then the interest reported on that is not matching total interest paid on the mortgage for the year. Lastly, it's asking about fair market value and debt share. Any help would be appreciated.

TurboTax Home & Biz Windows

E

ErnieS0

New York allows you to use the larger of the New York standard or itemized deductions so your federal itemized deductions will flow through to the New York section to determine which is more beneficial to you.

The interest should match federal. Without looking at your worksheet I could not tell you what there is a difference.

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