Question

Primary mortage interest not being deducted properly

Forum|Forum|2 years ago
April 3, 2024
2 replies
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I have a primary and secondary residence. When adding my primary residence interest which we bought in 2022, it is not counting the interest. When I look at the summary of interest deductions the amount is only my second home interest. I deleted the information and resubmitted it, and my refund went up until I got to the place where it said, HELOC, cash out or none, I selected none, and my interest deduction dropped again to the amount of my second home on the deduction summary page.

TurboTax Home & Biz Windows

DaveF1006

After you selected none for Heloc, cash out etc., there is a question on the following screen That asks if you have Used the Money Exclusively on Your Home. You must say yes to this question.

Turbo Tax defaults this answer to No, so if you will need to manually check yes to this answer.

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F

frankofaz64Author

That is not what I see, When I get to the HELOC option

It is not a HELOC, It is the original mortgage on the home, no refinance, so neither of these

Then I get congrats, you get a tax break, and then back to the loan summary.

Z

zomboo

Have you continued on with entering you return by selecting 'Done' on the Mortgage Interest Deduction page. More questions about you mortgages come up when you do.

LindaS5247

You can get back to your entry screens in TurboTax for Mortgage Interest to check that your entries are correct as follows:

Click on "Search" (magnifying glass) at the top right of your screen and
Type "1098" in the search bar. ‌
Click on "Jump to 1098." This will allow you to review your entries for your mortgage interest from Form 1098

As stated above, you must answer the question, "Is this loan secured by a property of yours?" as "Yes" in order for your mortgage interest to be included.

You could also try deleting and reentering your Form 1098 for the home that is not being counted. To do this, use the instructions above for returning to the TurboTax screens for entering your mortgage interest. Follow your screens until you see "Is this loan secured by a property of yours?"

Your screens will look something like this: