Due to the Tax Cuts and Job Acts TCJA, you cannot deduct any of the investment expenses anymore on your 2019 tax return. Before the TCJA, they were allowed on your Schedule A as miscellaneous expenses that are subject to 2% of your Adjusted Gross Income AGI. However, you can still deduct the interest you pay on the investment property ( Form 1098) if you have enough to itemize.
To enter Form 1098 in TurboTax online, here are steps:
- Sign in to your TurboTax account and select Pick up where you left off
- At the right upper corner, in the search box, type in "1098" and Enter
- Select Jump to 1098
- Follow prompts
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
