Home loans

I purchased a new home in 2019 and did not receive a 1098 from the initial lending institute; therefore, I'm unsure how to report information for tax deduction purposes.  I have a closing disclosure which I was told by the lender can be used instead.  This is a VA loan with VA funding fees.

Per Turbo Tax: "One great benefit of home ownership is that you can deduct the home loan interest you paid for your primary home..." Yet, beyond the name of the lending institution, there is no prompt to enter the interest. Is this deduction still not allowed for 2019?

I'm considering doing a cash out refinance to lower my rate and fund  a few home improvement projects.  some of them are larger and clearly improve home value (back yard landscaping), but some are smaller and wouldn't necessarily add much home equity (add a sink to the laundry room.)  I know the 2017 tax reform limited what you could do with the cash out money and still be able to deduct your mortgage interest.  I'm trying to figure out 2 things... 1) How strict are they about defining what qualifies under the must improve home equity rule?  Do I really have to demonstrate an equity bump for all $ spent?  2) What do I do if the projects end up costing a little less than I took out?  (~$1K - $2K)  Can I just pay the money back to my principal and call it good? I'm trying to decide if I want to do this and not screwing up and being unable to deduct my mortgage interest is part of the consideration.  Thanks!

I forgot to report my mortage interest. What should I do?

Refinanced home mortgage loan from one institute to another. When adding the 2nd institutes information, Turbo asked for the real estate taxes paid again. My question is, should this amount be entered once or enter it again as they asked?

I did a home equity loan at the end of 2019. To qualify for this loan several accounts had to be paid off using some of the equity money so not all of the loan was used to remodel my home. Before everything was said and done I have three mortgage companies to enter on my taxes but Turbo Tax will only let me enter the info from two of them. What an I suppose to do in this case?

We sold a rental home in 2017 and carried the 10-year loan. In 2019 the principal was paid off in a lump sum.I can't figure out how to enter this on TurboTax Premier.

What loan plan would I get approved for to build my credit

I sold a second home that was rented part time and also used for personal use. I'm reporting the rental (investment) proceeds under business/less common business situations/sale of business property and allocating a percentage to the period of time the property was rented. TurboTax tells me to report the rest of the proceeds under "other investment or personal use property." Where can I find that section?

My federal is rejected my return due to first time buyer  

I have a new home equity loan ( not a HELOC) in 2019.  How do I accurately enter the loan interest information and answer the questions re: this loan.  It is not the original loan for the home nor is it a HELOC which are the 2 choices given.  

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I own my home free and clear but , I owe  $50,000 on my Class A motor home and $25,000 yet on my automobile . The motor home qualifies as a second home  so I can declare the interest paid at 3.74% and the payment is $550 per month. The automobile interest is at 3.79% and the payment is $450 per month. My question is should I refinance $100,000 for 30 years at 3.5% interest , taking 50K cash out to pay off the motor home and 25K  to pay off the auto loan and  use the remaining 25K  on needed home improvements ! My new payment would be $450 vs the $1000 I pay out now .  I'm concerned , that by doing this , I may loose the $2000 interest credit by transferring that 50K debt into a home loan ! Would I be better off keeping the Recreational Vehicle  loan as it is and applying  for fee free home equity loan of 50K ? I realize that only the money used towards home improvements would be tax declarable and not the $2500 applied to pay off the automobile .

I paid $11,653 in home mortgage interest and TurboTax indicates none of it is deductible.

I refinanced my house in 2019 to get my ex-husband off the loan and to buy him out.  I received two 1098 forms.  Am I supposed to use both of them or just the one with only my name (the other has both of our names)?

Ok...I paid $14,500 interest in 2019 on our main home (outstanding loan of about $375K).  It lowered my tax liability by $132!!!  Is that possible?    I must be doing something wrong...what's up?

My wife and I own our primary residence that we still have a mortgage on. Several years ago, we bought a condo in a different city where my wife works.  We have a mortgage on that and I consider that our second home.  Last year I bought a hose in Texas for my son and family to live in.  I also have a mortgage on that. My first question is:  Can I declare the mortgage interest on this "third" home? Part of the reason for buying this home was to help my son get out of financial difficulty.  The monthly mortgage payment is $1900.  My son currently pays me "rent" of $500 per month. My second question is: Since my son is paying some rent, would I consider this an investment property rather than a third home? Thank you.  

Can you help me with a home loan?

I have a home mortgage loan taken in 2009. Took the standard interest deduction each year until this year when the IRS update says we must report any part of the loan that was used for something besides the property that secures the loan. In my case, some of the money was used for tuition. If I understand correctly, I will have to deduct that amount this year which will lower the amount of my loan interest and the corresponding deduction. My question, is this a one time thing to be reported? That is, what happens next year? Thanks.

I refinanced this year.  It was not a “cash out” loan. However, when I did the refi, the lender rolled the amount for the impound account into the new mortgage, so the balance ended up about $9,000 higher than the previous mortgage balance.  does this count as “taking cash out” when I’m deducting my interest?   Also, if it does indeed count as “taking cash out,” I am experiencing some ambiguity in TT as to what counts as using the so called cash I received on the home - is spending it on my taxes enough?  On mortgage payments?  Or does it have to be on capital improvements? Thank you community!!

I bought my home in 2016 with a $950k mortgage and filed joint married. I deducted all interest paid in 2016. In 2018 my wife passed away. I filed joint in 2018 and deducted all interest paid in 2018.For 2109, I am filing as single (widowed), I refinanced my home in mid 2019 and have an average mortgage for 2019 of $788k. Turbotax wants my to calculate an "adjusted" interest. What do I use as the mortgage limit ($1M, $750K, or $375k?)   The software does not accept my using the $1M limit. 

Hi my husband and I are wanting to take our tax money and get a FHA's loan and purchase a house he has got his credit score to 590 anyone have any advice or is this even possible or what can we do we have 3 children living in a small apartment it's time to move please help all advice that is positive welcome????

Can a person with bad credit score have the opportunity to buy a house ? 

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