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robrakva
New Member

What IRS form for interest on special assessments?

What IRS form is used for interest on special assessments on property (home)? Principle for the special assessment is NOT deductible. Can I just add the interest to the property taxes that were paid? I was told that the interest should be declared using the mortgage interest form. I do not have a mortgage. 

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MichaelDC
New Member

What IRS form for interest on special assessments?

Follow the steps to enter the interest onto Schedule A (Itemized Deductions): (TurboTax will help you determine if you qualify and how much you will benefit.)

•        Click on Federal Taxes (Personal if using Self-Employed)

•        Click on Deductions and Credits

•        Click on I'll choose what I work on (if shown)

•        Under Your Home

•        On Mortgage Interest, click on the start or update button

 

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1 Reply
MichaelDC
New Member

What IRS form for interest on special assessments?

Follow the steps to enter the interest onto Schedule A (Itemized Deductions): (TurboTax will help you determine if you qualify and how much you will benefit.)

•        Click on Federal Taxes (Personal if using Self-Employed)

•        Click on Deductions and Credits

•        Click on I'll choose what I work on (if shown)

•        Under Your Home

•        On Mortgage Interest, click on the start or update button

 

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