Home loans - Intuit TurboTax + Mint Community

Home loans

Depreciation

On Rentals & Royalties -> Add Asset -> Depreciation -> Message states "Depreciation and Amortization will be ready by February, but likely sooner". When this will be sorted out?

Rental home purchase - deductions vs cost basis

I purchased a new rental property in 2021 and the purchase was financed. My understanding is that prepaid items like property tax and mortgage points are tax deductibles. Closing costs are added to the cost basis. In a financed property, which of the... read more

Deductible points not all flowing to Schedule A

I have three mortgages in 2024:1. My initial primary residence, which was converted to a rental property -- still have this mortgage.2. Mortage to purchase a new primary residence.3. Refinanced mortgage #2 later in 2024. Points are being amortized fo... read more

US resident husband (me) and Candian wife, purchasing a Canadian home

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

Amortization of Primary Home Mortgage Points

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

Deducting mortgage interest for primary home with secondary unit rental

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

Deducting Points on New Primary Residence

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.

Seeking Advice on Mortgage Interest Tax Deduction

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

how to correctly input two 1098s for a mortgage loan that was refinanced with same lender.

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

Heloc used to Buy Primary Residence

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.

Joint Account Gift Tax

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

'Tell us about how you've used this loan' section in Turbo Tax

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

Tax benefit from using house sale proceeds to buy new house can save on Capital Gains tax?

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

Capital Gains for a Home Down Payment

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

Mortgage Interest Deduction - Acquisition Debt and refinance cash out

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