Would it be worth it with like 4 mortgages to file separate returns so we can get more back?

Forum|Forum|7 years ago
June 6, 2019
4 replies
12 views

Turbo Tax tells me that we can only use 2 mortgages for deductions. We have 4.

Can we do it to get more back? If so how can we do it without putting all the info in Turbo Tax again?

TurboTax Premier Online

Best answer by Opus 17

That strategy is specifically disallowed in publication 936.

Separate returns.

If you're married filing separately and you and your spouse own more than one home, you can each take into account only one home as a qualified home. However, if you both consent in writing, then one spouse can take both the main home and a second home into account.

Critter

Level 15

You can take mortgages on 2 houses ... so if they are on just 2 houses you can add them all together and enter them as one.

Opus 17

Level 15

No, that is specifically disallowed.

Critter

Level 15

If they have a first & second mortgage on each property or the mortgage's changed banks during the year then they still have mortgages on only 2 houses which are deductible aren't they ? Of course they are subject to the limitations for acquisition & HELOC debts.