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Get your taxes done using TurboTax
You can choose to enter the correct amount of mortgage interest yourself to move through this experience. Your information is appreciated and it will be reviewed. To help you move forward with your return please review the information below.
Use the worksheet in the publication to calculate your allowed amount and keep it in your file. Start with line 7, then complete Part II.
- Enter the average balance of all your home acquisition debt incurred after December 15, 2017 (do not include the amount of 'cash out' in this figure).
- Finish Part I.
- Enter the total of the average balances of all mortgages from line
s 1, 2, and7 on all qualified homes - Continue to finish Part II - enter the result as the amount of mortgage interest (not the 12,000).
- Select 'I'll enter it myself'
The worksheet 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 the '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. You can choose to make the entries yourself.
- To review the information and worksheets you can use this link: IRS Publication 936, page 12.
- See the example below.
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