Hi,
I lived in CA in 2023 until Dec 15 and had a house say house A until then. After Dec 15th I was advertizing the house for rental, which was rented out in Feb, 2024. I paid mortgage interest and rental tax for this property in 2023 and have 1098 form
From Dec 16th 2023 onwards, I stayed in a new house (house B) which I purchased as a primary residence and was closed in 22nd Nov, 2023. I paid interest and points and some taxes for this new house in 2023 and have 1098 form. My loan start date for this property is 11/14/2023. However, this loan was sold to other mortgage company in 01/02/2024. I have a second HELOC loan on this same house which I paid off in Feb 2024 and have paid some interest on this loan as well both in 2023 and 2024.
Question:
In deductions and Credits section of TurboTax:
1) It asks for Home Loan Deducation summary. Will I enter both the loan information as shown in 1098 form ? 2) For the question 'What kind of property you have' for each loan information, what should I choose for loan on house A and house B ? Options are primary/second/others.
3) For question, If this is the most recent form for this loan ? Should I answer yes, since for house B the loan got sold in 2024.
4) For property tax amount, do I enter the full amount in the 1098 form of house A here or will that be counted towards rental expense ?
5) Will the HELOC loan information also go here ?
In short, can someone guide me through all the questions being asked in that section for both loans on the house A and house B.
