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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
jorge-77
jorge-77 ‎Posted 2 weeks ago | Latest post 2 weeks ago by xmasbaby0
0
1

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
SA_home
SA_home ‎Posted May 16, 2021 | Latest post October 6, 2024 by tagteam
0
12

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.
TahaTax2018
TahaTax2018 ‎Posted July 5, 2024 | Latest post July 5, 2024 by DoninGA
0
1

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
vealeqan85
vealeqan85 ‎Posted May 19, 2024 | Latest post June 14, 2024 by M-MTax
0
3

'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
young11
young11 ‎Posted April 12, 2024 | Latest post April 30, 2024 by young11
0
2

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
ATao
ATao ‎Posted April 14, 2024 | Latest post April 14, 2024 by xmasbaby0
0
1

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
NM1126
NM1126 ‎Posted April 2, 2024 | Latest post April 2, 2024 by xmasbaby0
0
2

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
mjm77
mjm77 ‎Posted March 15, 2024 | Latest post March 31, 2024 by zomboo
0
1

Mortgage Interest is not showing up on Schedule A

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
mjm77
mjm77 ‎Posted March 15, 2024
0
0

Closing cost on rental house.

Can my mortgage closing cost can be deductible on rental property? Like title company’s charge and mortgage points.
Lynda Zhang
Lynda Zhang ‎Posted March 15, 2024
0
0

Intuit Approved! 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
cgb808
cgb808 ‎Posted February 25, 2024 | Latest post February 26, 2024 by KrisD15
0
1

Mortgage Interest Deduction

Hi, I co-own a home with my wife. We are both listed parties on the 1098 mortgage interest forms sent to use by our lender for 2023. Her name is at the top and mine underneath. My question is if my wife is going to take the full amount on the 1098 as... read more
NeilLott
NeilLott ‎Posted January 26, 2024 | Latest post January 26, 2024 by NeilLott
0
4

Transfer equity from sale of real property into second home

Hello,My wife and I got married this year 2023 and we each have had a home in our names individually. We sold my wife's house one week after we got married this year (equity from sale less than amount to trigger CapGains), but she also has another ho... read more
cashmir316
cashmir316 ‎Posted May 24, 2023 | Latest post May 27, 2023 by NCperson
0
7

Mortgage loan on purchase of the lot next door

I took out a mortgage loan to buy the empty lot next door. Just using for personal use. I received a 1098. Can I deduct the loan interest and real estate taxes?Thanks Doug
carbo71
carbo71 ‎Posted April 4, 2023 | Latest post May 1, 2023 by Opus 17
0
3

Mortgage Interest and Insurance During Renovation

Hi I purchased a house in September 2021 for the purpose of rental. I started renovation on this house right after closing and the renovation lasted about a year. In September 2022, the property is available for rent. However, my mortgage interest an... read more
lindan86
lindan86 ‎Posted April 3, 2023 | Latest post April 3, 2023 by DavidD66
0
3
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