Get your taxes done using TurboTax

DianeW777 · ‎February 28, 2021

The images below will give you an idea of where to enter this information in TurboTax CD/Download version. However please review the information below so that you enter the correct amount of allowed mortgage interest for your itemized deductions.

NOTE: If the amount of your mortgage is more than the cost of the home plus the cost of any substantial improvements, only the debt that isn't more than the cost of the home plus substantial improvements qualifies as home acquisition debt. This means that if 'cash out' proceeds were not used to improve the home they would not be part of home acquisition debt.

Any additional debt not used to buy, build, or substantially improve a qualified home isn't home acquisition debt. TurboTax will calculate the amount of allowed mortgage interest deduction based on your entry or you can choose to make the entries yourself.

To review the information and worksheets you can use this link: IRS Publication 936, page 12

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