I am having trouble carrying in two mortgage interests to schedule C, how to do this with forms view? Is this a bug? I'm ready to submit my taxes but can't because of this!

Forum|Forum|4 years ago
February 4, 2022
4 replies
64 views

I have TurboTax deluxe, and while creating a schedule C, it only brings in one of the two mortgage interests to the next page, "Tell us about ...'s home expenses." The field is a read only field. So the software handles this. I had refinanced, so I have to mortgage interests to list.. How do I get both of them. The software is only taking in the original mortgage interest.

I have asked this question a few different times with no responses. I tried chatting with a live agent, with no help.. There has got to be a way to do this manually using the forms. When I try that it shows to link the mortgages, and they are.. but it still keeps carrying forward only the original mortgage interest.

I am ready to submit my taxes otherwise, and this is holding me up.

Best answer by AliciaP1

No, that would technically be a refund of closing costs and not a cash-out refinance.

eaglei22Author

Level 4

Anyone?

ThomasM125

Level 15

I suggest you combine the two mortgages into one entry, The IRS will just match up the total mortgage interest reported on your tax return with the 1098 forms they receive, so this will be acceptable.

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eaglei22Author

Level 4

Thank you. Okay after playing around with it. I think I figured out what is happening. When I added the refinanced loan, it asked if I took out any cash when I got this loan. I put yes because I had $45 left over and given to me at closing even though this wasn't an actual cash out refinancing, it was an IRRRL on a VA loan.

Because I got $45 paid to borrower at closing, should I be checking yes, in the, "Did you take cash out when you got this loan?"

When I select this option, it keeps it off the schedule C.