PattiF
Expert Alumni

Deductions & credits

You would enter this in the mortgage interest section of TurboTax. If the loan was to rebuild your home after Hurricane Harvey, this meets the definition of mortgage interest as long as the loan is secured by your home

 

This definition from a TurboTax Tip article matches your situation:

 

What counts as mortgage interest?

Deductible mortgage interest is interest you pay on a loan, secured by a main home or second home, that was used to buy, build, or substantially improve the home. For tax years prior to 2018, the maximum amount of debt eligible for the deduction was $1 million. Beginning in 2018, the maximum amount of debt is limited to $750,000. Mortgages that existed as of December 15, 2017 will continue to receive the same tax treatment as under the old rules. Additionally, for tax years prior to 2018, the interest paid on up to $100,000 of home equity debt was also deductible raising the previous total to $1,100,000. Loans with deductible interest typically include:

  • A mortgage to buy or build your home
  • A second mortgage
  • A line of credit
  • A home equity loan

If the loan is not a secured debt on your home, it is considered a personal loan, and the interest you pay usually isn't deductible. Your home mortgage must be secured by your main home or a second home. You can't deduct interest on a mortgage for a third home, a fourth home, etc.

 

From @AmyC

You can deduct the mortgage on your main home or one second home if the debt is secured by the home. Follow these steps:

  1. Go to federal deductions and credits
  2. Select Mortgage Interest
  3. Enter the name of the lender
  4. Select Property type
  5. Do any of these situations apply? Select none of the above
  6. Enter USD for mortgage information, continue
  7. Secured by property? select,
  8. continue answering questions.

 

At no point do you need SSN or federal ID. When you return to the summary screen, it will show the interest.

 

 

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