Home loans

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?

Help Need to file an amended return for an additional 1098.  The originating 1098 included prepaid interest, mortgage insurance premiums, and points paid on the purchase.  The second 1098 is for the interest paid from Oct-Nov.  It does not include real estate taxes or any other payments. When I use the amend function of Turbo Tax, the calculation produces a tax due for both Federal and state.  How can this be?  An adjustment to the Schedule A should not result in tax due but in additional refund. What am I missing?  Please help.

Hello, I bought my first home in January of 2021. I was hoping to close in December of 2020, but the timing didn't work out. I withdrew money from various accounts (an IRA from an inheritance, closing an old retirement acct, etc.) to close on my home, but all of those withdrawals occurred at the very end of 2020. In those withdrawals, I paid state and local taxes, but I know that I should be able to get some of that back because this is my first home purchase. My question is: how to I get that money back? I believe the answer is to amend our 2020 taxes now that the house purchase is complete. But is there anything I need to do in 2021 taxes? Or is this all about amending our 2020 taxes? Thank you!

Hello, I am divorced as June 2020.  My ex-husband no longer lives in the home.  We did a re-if as a divorced couple last year.  The home was granted to me in the divorce settlement, however his name is still on the deed and he is the only name on our loan/bill.  We worked out our settlement, that the mortgage, property taxes and home owners insurance be paid by my alimony payments.  My ex sends the payments from my alimony directly to the lender, until I get his name off the mortgage.  He is trying to claim the property on his taxes, even though my alimony covers all costs.  Who then, gets to claim the home on this years taxes?

HelloI think i found a bug.  I have been using TTax since 2001 and as recent as 2020.  Anyhow upon going thru the HOME LOAN DEDUCTION SUMMARY screen, I noticed that one of my mortgage lenders (who is tied to my rental) goes DIRECTLY to Schedule E and it DOES NOT return to the HOME LOAN DEDUCTION SUMMARY SCREEN.  FYI, I use this entry just for the AMORTIZED points and I list the ACTUAL Interest from in the 1098 in the Schedule E section.  On all years prior, I was able to use this entry without any problems until 2021.  Am I supposed to put the AMORTIZED points somewhere else?  I liked using this entry as it automatically calculates the year's deduction.  If I put it anywhere in the Schedule E, then it would be like a manual entry.  Secondly because it doesnt return to the HOME LOAN DEDUCTION INTERVIEW, there no longer is a box where I can check off saying that this LOAN HAS BEEN PAID OFF. Please assist.  I am not sure why this

Hi, I have a question in regards to refinancing. I refinanced in July 2021. Technically, I did not take out any cash as the cash was applied to put funds away for property taxes to be paid at the end of the year. Basically, I didn't have an escrow account before refinancing, so the additional principal added to the loan covered most of the true-up of my property taxes and I also had to write a check to cover the rest. Let's say I went from $100k to $106k in principal and had to write a check for $1k. All-in-all, it increased my principal about $6k and I never received any cash out of refinancing.  Am I able to still take a deduction on the full $106k amount or only the $100k?  Thank you for your help.  

Hi,If I take home equity from Primary Home  and use it to pay off my rental property loan, can I continue to deduct interest expense from the Home Equity Loan on Schedule E? 

We had (16,962) in loss on a home we own that we rent below market value to our son/family. Major part of loss was $10,000 expense on new driveway.  Losses disallowed on Sch E because our income is over $150,000.  Can we claim the mortgage interest deduction and property tax payments on another part of our taxes?

We own a 2nd home that our son/family live in. We have mortgage on property. We make too much money to use home as rental (Sch E). How many days/nights do we need to live in home to claim as 2nd home and deduct mortgage interest and property taxes?  How do we document that?

The 1098 form that I received for a recent property purchase in Dec-2021 only includes information for mortgage origination date and points paid on purchase. I entered this information in the 'Home' section of the deductions and credits, but when I do the smart check I am receiving an error message for "Amount borrowed this year must be entered". When I attempt to enter the amount on the line that is shown on the screen I am unable to click or type in any information, and when I go back to the "Home" section there is not a area to fill in this information. My 1098 form does not have a value for the Outstanding Mortgage Principal, so I am not sure how to proceed as this error keeps displaying on the check. Is this a common issue? If so is there a fix that is pending or do I need to enter the loan amount somewhere else? Any help is appreciated.

Hi,We sold our secondary home in Feb. 2021(bought prior to 2017), we sold our primary home in May 2021(bought prior to 2017) and then we bought another primary home in Nov. 2021. 2nd home average balance for the 2 months was 651k and our primary home was 315k. We bought our new home for 662k. Turbo tax is saying my average balance for the year is 1628k but we never had more than 966k in any month. It is adding it all together like I had all 3 at once, but I did not. Either Turbotax needs to fix this or tell me how to fix it. Also, my new mortgage was sold to another lender in Dec. so my points from the original lender does not show up in the new mortgage?

Are re-finance closing costs, cash to close and appraisal fees deductible?

when I attempt to put in Mortgage interest and 1099-R income information I cannot put information in.  It tells me that IRS has not made it available and it will be available soon.  Am I missing something?

The interest that was not paid during forbearance is being added to outstanding principle, then put into a new loan. The new loan will have its own interest, but what about the interest from the original loan that gets wrapped up into the new loan?

About two years ago I did a cash-out refinance ($20,000) intending to use the money for some remodel projects. Unfortunately, some unexpected bills delayed those projects. I understand that the interest for the cash-out part of my new mortgage is not tax deductible unless it is used for IRS approved home improvements. So, for my 2020 taxes, when TurboTax asked how much of the loan went towards the purchase or improvements of a home, I entered an amount that was $20,000 less than the total loan amount (i.e., the amount to payoff my original home loan). I'm trying to figure out if there is a deadline for when money must be spent on home improvements to qualify for mortgage interest deductions. For 2021, I had enough money for a $10,000 remodel project. So, for my 2021 taxes, when TurboTax asks how much of the loan went towards home purchase or improvements, can I add $10,000 to the amount I entered in 2020? Can I do the same, lets say 3 years from now, when I able to

My wife and I received the first-time home buyer credit.  We had been paying it off by the $500 yearly rate.  Last year, I went ahead and paid off the rest of the loan.  The IRS website shows that we don't owe anymore either.  What should I do if we still live in the home as our main residence?  Turbo Tax doesn't allow for me to not pay the $500 again. Thank you.

Hi, I purchased home in 2019, took loan from vendor1. I refinanced in 2020 from Vendor 2 and continuing from him till now.So while submitting tax for 2021 year what should I enter for  ==> "Is this original Loan you used to buy your property?"Is this question referring to the loan which it took in 2019 when I purchased or If i have refinanced in 2021?Thanks

Took out a HERO loan for a new roof in 2016.  Was able to deduct repayments with Real Property Tax payments (including Principal & Interest).  Totally paid off loan in 2021 - how much if any of Interest paid is deductible if I did not receive a 1098 form?

I had a cash out refinance in 2021 and placed the money into my savings for future home repairs, etc.  1. Can I claim the entire amount of  interest that's listed on my 1098 from that refi on my taxes? Because I am having an issue with some of the Turbo tax questions.2. For example,  when it asks if I took cash out on the refi? I answered yes,How do I answer the next question "have I used the money from this loan  exclusively on this home, which includes the lifespan of the loan, etc.? If I answer no, I don't get to claim all of my mortgage interest paid.Please let me know. 

I bought a house in 1996 that has been paid for since 2001.  This year we started a rent-to-own contract on it and received two payments so I am trying to set it up as a rental property in turbotax.  I got most of the way through and get to a screen that says my property will be depreciated by $45000 (original purchase price) over the next 27 ½ years.  I do not understand this.  I have already owned it 25 years.  I put the purchase date in a few screens earlier and it is the address I have used for TurboTax for twenty years.How do I do this correctly?

i refinanced my house and took some money out are there fees i can claim?

My ex husband and I divorced in 2015. We took a first time home buyer loan that became payable annually in 2010. I retained the home after the divorce. My ex husband neglected to file the 5405 in 2015. I have been making the $500 annual payments - as I should - until last year when the IRS would not accept my electronic filing because their system says I don't owe anymore.  I called them, but they said I can't pay it, that my records indicate that I paid my half already. I had no way to reach my ex husband and now he is deceased. I know I owe the money and I am afraid that once the IRS catches up they may want me to pay penalties and interest. Anyone have experience fixing this? Should I go ahead and efile and wait for the rejection just to show good faith in my effort to pay this? TurboTax shows it is payable, which is correct.

Can auto insurance and homeowner's insurance be deducted?  or only if you run your business out of your car or home?   Thanks

I got married 10/30/2021.  So now I file jointly.  My wife, on that date moved in with me.  We still own her home as a potential rental property in the future but as of now is not a source of income.  Can I deduct her mortgage interest, property taxes etc?   Thank you

Amortizing points on original mortgage in previous tax years but refinanced in 2021 without pre-paid points.  The question is how do I handle the remaining balance for the points from the original loan that were being amortized over the life of  the original loan?