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Level 1

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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Level 1

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

 

View solution in original post

1 Reply
Level 1

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

 

View solution in original post