How do I add a boat loan for mortgage interest deductions?

Forum|Forum|5 years ago
March 2, 2021
1 reply
4 views

No text available

TurboTax Premier Online

DaveF1006

Level 15

Would you clarify? Is this a Houseboat that you live on or used strictly for recreation?

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

sirk76Author

Level 2

Yes, sorry for not being more specific. This a sailboat that meets the requirements (bed, head and galley) for a second home tax deduction. The question is more specific to the turbo tax interface. How do I add the interest paid on the loan into turbo tax? Thanks! Hope that clarifies my question.

DaveF1006

Level 15

Yes, you clarified this beautifully. You may claim an mortgage interest deduction for this if used as a second home according to IRS publication 936.

Go to federal>deductions and credits>your home>Mortgage Interest and Refinancing (Form 1098)
I don't know if you received a 1098 for this from the lender but if not, you may have received paperwork that reported your balances.
As you navigate through the screens, when you come to Let's import your tax info, indicate change how I will enter this form.
Next screen indicate you will type this in yourself.
Next fill in the lender's name.
Answer the question in the next screen and continue
Let's get the details from your 1098 Here is where you will enter the name of the lender, the loan interest amount, the amount of the loan, and what date the loan originated. Keep in mind, I mention loan and not mortgage but in this context, these both mean the same thing.
Answer the questions until you are at the end of the section and you should be good to go.