Hi,
I bought a new home from a builder using construction to perm loan last September 2023 - new construction was complete only in Mar 2024. I paid $7K in mortgage points for the new construction and I got a 1098 from the lender. I added this entry to get tax benefits to turbotax premier desktop version, TT automatically amortizes over 15 years (which is the loan term) - I want to get the full tax deduction in 2023 and don't want to amortize over the duration of the loan.
BTW I lived in a townhome(primary residence) throughout 2023 since new construction was not complete until March 2024. I also paid the mortgage on my townhome and entered in TurboTax before entering mortgage points for the new construction.
The only way I can get the full deduction on the NEW construction is I have to enter 1 year for the Length of loan which is not something I want to do since it is not true. Please help! Looks like a TT software limitation!
