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New Member

Mortgage Deduction not being allowed

In Deductions and Credits I have a mortgage deduction of $9,743 for two home loans yet these deductions are not showing up on my 1040 (increasing my amount due)

* The loans total $646,000

* I checked the box "Is this loan secured by a property of yours" for both loans

 

What am I missing ?

 

Thanks!

1 Best answer

Accepted Solutions
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Level 15

Mortgage Deduction not being allowed

For desktop versions:

  • In Forms view, locate and click on Tax & Int Wks on the left from the forms list
  • On the form, scroll to Mortgage Interest Limited Smart Worksheet
  • Click on NO to the right of the question, Does your mortgage interest need to be limited

For online versions:

  • Under Deductions & Credits, expand the menu for Your Home
  • Click Start/Revisit next to Mortgage Interest and Refinancing (Form 1098)
  • Click through until you get to a screen that says Do any of these situations apply to you? Mark Yes.
  • On the next screen, take out the zero.
  • Click back and choose No.

View solution in original post

2 Replies
Highlighted
Level 15

Mortgage Deduction not being allowed

For desktop versions:

  • In Forms view, locate and click on Tax & Int Wks on the left from the forms list
  • On the form, scroll to Mortgage Interest Limited Smart Worksheet
  • Click on NO to the right of the question, Does your mortgage interest need to be limited

For online versions:

  • Under Deductions & Credits, expand the menu for Your Home
  • Click Start/Revisit next to Mortgage Interest and Refinancing (Form 1098)
  • Click through until you get to a screen that says Do any of these situations apply to you? Mark Yes.
  • On the next screen, take out the zero.
  • Click back and choose No.

View solution in original post

Highlighted
New Member

Mortgage Deduction not being allowed

AWESOME!  It worked 🙂

Thanks