Can you provide some more details about what kind of calculation issue you are having? Should line 8a include other amounts? Should it be limited or what amounts are showing on the Home Mortgage Interest Limitation Smart Worksheet (it is part of Home Int Wkst (xx prop descript xx)? How many forms do you have and what should be on 8c (points NOT in box 6)?
In addition to itemizing deductions on Schedule A, these conditions must be met for mortgage interest to be deductible:
- The loan is secured, which means the lender has some kind of guarantee of payment, usually in the form of property. If a borrower defaults on payments, the lender can seize the property that’s securing the loan. If you’re buying or refinancing a home, especially if it’s your first home, the loan is usually secured by the home you’re buying or refinancing
- The home with the secured loan must have sleeping, cooking, and toilet facilities
- The debt can’t exceed $750,000 (or $1,000,000 if the loan was taken before December 16, 2017) to get the full deduction
- You or someone on your tax return must have signed or co-signed the loan
- If you rented out the home, you must have used the home more than 14 days during the tax year or 10% of the number of days you rented it out, whichever is greater
@dsbroberts - This thread is a couple of years old, so if you want to start a new thread, you can click here.
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