I plan on purchasing a home in Vancouver BC, and I believe for tax
purposes it is best to put it under my wife solely. I will be taking a
mortgage (through a Canadian bank) through my wife, but I will be the
guarantor, for about 50% of the house's wo...read more
jyee315Posted June 15, 2025
| Latest post June 16, 2025 by
jyee315
I took out a mortgage in 2024 on a new home and paid points which are
reflected on the 1098 received from mortgage company. Although eligible
to deduct all points amount in 2024, I won’t receive full benefit due to
my current tax situation and other ...read more
Hi, my wife and I have a mortgage for our primary home which includes a
secondary unit on the property that we short term rent. The secondary
unit is managed by our LLC which in turn pays us a lease fee for the
secondary unit. How do we handle our mo...read more
We purchased a new home in a new state as our primary residence and paid
points. We are renting out our out-of-state home. Can we fully deduct
the points of our new home or must they be amortized?Thanks for the
help.
LisaJJPosted February 25, 2025
| Latest post February 27, 2025 by
LisaJJ
Hi everyone,I’m looking for information and advice regarding the
mortgage interest tax deduction. My spouse and I are married, filing
jointly, but only I have an income. We’re considering buying a house
worth around $300,000. We have enough savings t...read more
jorge-77Posted December 4, 2024
| Latest post December 4, 2024 by
xmasbaby0
In March 2020, I refinanced my prior mortgage loan and did it with the
same lender. The original loan had mortgage interest and the new loan
does not have any mortgage interest. I have read that you are to combine
section 1 from both 1098s, and secti...read more
SA_homePosted May 16, 2021
| Latest post October 6, 2024 by
Anonymous_
Hi, I have a question about HELOC interest. I plan to use my HELOC to
purchase another house that will become my primary residence. Can I
deduct the interest on this HELOC for tax purposes. Thanks in adavcne.
Situation is a joint account where a second, non spouse was added to the
original account (parent/child). The original account holder has
contributed most/all of the funding of the account; if the second holder
uses the account to make a down-payment...read more
vealeqan85Posted May 19, 2024
| Latest post June 14, 2024 by
M-MTax
Hi, After entering the mortgage interest paid, there is a section for
"Tell us about how you've used this loan" with the following question:
Since you first took out this loan, how much has been spent to buy,
improve, or build the home it's secured b...read more
young11Posted April 12, 2024
| Latest post April 30, 2024 by
young11
I paid a huge amount of Capital Gains Tax last year from selling my
primary residence property in November 2022, and then bought a new house
(my new primary residence) in November 2023. I read this is a "1031
Exchange" (a tax break for when you use y...read more
ATaoPosted April 14, 2024
| Latest post April 14, 2024 by
xmasbaby0
Hi,I sold stock in 2023 (and received capital gains) to fund a down
payment on my first house. I did not however seem to receive any tax
benefit (for the home purchase) and instead paid a significant federal
tax on the capital gains. I thought I woul...read more
NM1126Posted April 2, 2024
| Latest post April 2, 2024 by
xmasbaby0
Need clarification about mortgage interest deduction.The acquisition
debt is approximately $350,000. Did a cash out refi of $419,000.$40,000
was used for home improvement. The balance of $29,000 was used towards
purchase of land. It is my understandi...read more
mjm77Posted March 15, 2024
| Latest post March 31, 2024 by
zomboo
I entered mortgage interest deduction on TT and it did not transfer to
Schedule A. I'm using 2023 Premier TT. It is my understanding, I can
continue to deduct the interest on the existing loan balance, less the
small cash out that I did on a refi cas...read more
This answer has been verified for accuracy by an Intuit expert employee
HELOC
Hi!Hoping to get some help. I opened up a HELOC in 2017 used it for an
initial purchase of a house (we are renting and still have) and then
paid it off in a month (due to another sale). It's been $0 for 5 or 6
years until I used the HELOC to buy a se...read more
cgb808Posted February 25, 2024
| Latest post February 26, 2024 by
KrisD15