Home loans

I sell on ebay under a single account with my own SS. This last year I sold off a bunch of items I inherited in addition to my regular "business" sales. My single 1099-K covers everything. I file my taxes under my SS using T-Tax Home & Business. I have it all tracked but if I put the personal stuff into the business side it completely screws up my inventory and sales numbers. I have searched high and low and cannot find any answers about how to input the numbers into the 2 very separate sections of the tax return.

Retired, taking standard deduction again this year should I pay off my mortgage with my IRA?

i dont knnow

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Last year, we had our son, and his wife took over the primary house we have in Texas.  We did not gain any extra income from the transfer. We basically wanted to refi the house into his name, however, we were told that it has to be a sale in order for our son and his wife to own the house.  So, we sold the house to him and his wife, in the amount of whatever was the balance remaining on our mortgage to pay it off.  I have not so far received any tax document regarding the sale. I read that normally when there's a gain in selling a house, you will receive a 1099-S which we have not since there was no extra income gain, do we need to report this to the IRS? If so, what section in the Turbo Tax we do.  We only received the usual 1098 document from our mortgage company nothing else.  In reviewing the closing documents, there's a form called substitute Form 1099-S Proceeds from Real Estate Transactions.  The Gross Proceeds amount is the same as the Allocation o

So if I have a 500k loan balance, 2 years into a 20 year fixed loan…and I say pay 400k in a lump sum principal payment how does that effect my monthly payment….specifically will it change the amount of interest each month or does it just stick to the original amortization schedule and have the payments still contain pretty high interest amounts….obviously it will be paid off sooner…..I’m tempted to just pay it all off if that is the case to avoid the interest heavy payments that are in the early years of the loan…

I have moved this post to the appropriate board.

What is the best way to resubmit Federal and State forms for 2020 after it was rejected due to a missing indentity protection pin.  When I orginally filled out the forms on Turbotax, I was never asked to provide this #.  I finally just received my pin number from the IRS after chasing them. Where should this be added and can I e-file again?

My understanding is that my wife and I can each withdraw up to $10,000 from my IRA to pay for the down payment on a house without the 10% tax penalty from the IRS since we are first time homebuyers. If we decide to withdraw $50,000, then would we be charged the the 10% penalty on $30,000 (50k minus 10k minus another 10k) or would we be charged the penalty for all $50,000? 

I refinanced my home in october 2021 including a payoff of a heloc loan.  I did not receive a 1098 from the heloc loaner (because the interest was <$600).  When completing the forms on TurboTax, it asks me if i took out extra money - yesDid i use it for improvement - not yet. The loan only closed in october and i have not yet had time to use the money for repairs. so i cannot say how much will be towards improvement. The answer is just a yes i've used this on the home i took it out onand NO: i used some or all ....... something other than a home. it could be yes, i will use it in the future.  But no, i can't promise that will not use it. It is sitting in a bank right now. how do i answer this? 

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How do I get a new card

I've been trying to e-file my federal taxes. It keeps getting rejected because the return doesn't have the form 8962 (Premium Tax Credit).  I had my medical insurance through my state medicaid program and paid no premiums. I can't find anywhere in the program to indicate that, so I don't need this form. But when my return is rejected, it says I need th is form. Anyone know how I can get around this?

I am stuck. Please help clarify these questions: Is this the original loan you used to buy your property? NO I refinanced this in 2020 Tax yearIs this loan a home equity line of credit (HELOC) NOOr a refinance of a previous loan? YES I refinanced this in 2020So my question is do I say yes? Or NO since this is now 2021 Tax year?Did you take cash out when you got this loan? YES in 2020 Why am I being asked these questions now in 2021 tax year? 

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I did a cash-out refinance loan in order to make home improvements.  Because it's a re-fi for improvements that go back into the home, I'm allowed to deduct the points all in one year and not amortize over the life of the loan.  On the closing statement it shows three items for Loan Charges:Origination Fee         $1595Discount Points        -$1650Prepaid Interest         $  640 What is the amount I'm allowed to deduct when I'm asked for the Origination Fees?  There is only one "box" to enter data, but several categories count as origination fees, so I assume there is some math involved. Do I treat the negative discount points as a positive value when entering the Origination Fee for a value of $3245 or do I ignore the discount points ant put in $1595?  Do I include the prepaid interest with the Origination fees as well? Thank you so much for your assistance. 

We paid off our home loan in 2021 so our "Outstanding Mortgage Principal" is $0   Turbotax rejects this entry after filling out the 1098 data. What to do?  Thanks.

I entered my home(s) interest into turbo tax and the deduction is no the amount I entered.  I have a main home  with the original loan and a refi of that home (same lender).  I have a qualified second home (RV) original loan.  The interest being deducted is 80% less than what I netered.  The value of both is less than $750K.  I went back to last years taxes and the same thing happened when I enterd the interest for the original loans for both homes.  What am I missing?

We purchased a home in Maryland in 2017. Can anyone tell me what line numbers from the Settlement Statement are deductible? I am getting conflicting answers. I’ve read the Publication 530 and 936 but I am still questionable about some things. More specifically, are the following line items deductible?I would greatly appreciate any help and guidance on this matter! First Page of Settlement Statement:Settlement Charges to BuyerDeposit or Earnest Money   (# ?) Seller AssistCash [ ] From or [ ] to Borrower Second Page of Settlement Statement:Realtor Fees or Commission (also line 705 & 706)Daily Interest ChargesMortgage Insurance PremiumInitial Deposit for your Escrow AccountTotal Title ChargesGovernment Recording ChargesTransfer Taxes   (# ?) Lien Sheet Reimbursement   (# ?) Home Warranty   (# ?) Release Racording Fee Thank you, Debbie

Original mortgage was acquired in July 2017.  Refinanced in 2021 for a lower interest rate, no money was taken out to spend on anything else.The original Mortgage was $1.1 million, currently the mortgage is now $1.050 million.  Does the $750k mortgage interest limit apply to us or since the original mortgage was in July 2017 do we get the $1 million grandfathered amount?  

Hello.  I sold a home and bought a new home in December 2021.  The loan balance for my old home was 400K, and the loan balance for my new home is 1.1M (above the 750K limit for married filing jointly).  When I enter the 1098 mortgage interest information for my old home as a deduction in TurboTax, I receive the full credit for the 10K in interest paid in 2021 (Jan - Nov).  For my new home, I enter the 3K in mortgage interest paid in Dec 2021 as a deduction, but TurboTax then calculates my allowable mortgage interest deduction as only 6.9K and my refund goes down.  If I delete the mortgage information for my new home, then my allowable mortgage interest deduction goes back up to 10K.  I understand there is a limit of 750K for which my new home is over, but shouldn't I receive the full credit for the interest paid on my old mortgage that was under the 750K limit (all 10K in mortgage interest) and a portion of the interest paid on my new mortgage which is ove

How to file properly my tax return if I am self-employed and I have W2 form and I want to buy a house

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several years ago I took out a $10k personal loan to pay for some home improvements. In 2022 I took out a cash out refinance with the intention of using the cash out funds for home improvements. Can I use the refi cash to pay off the previous persona;lloan since it was on the same house?

Borrowed on a HELOC to finance a partnership business. All the funds were used for the business.  Is the interest expense deductible in full or must it be offset by the business income or whatever?Additionally, if it is limited, will that portion be carried forwarded to subsequent years?