Home loans topics

Depreciation

ChuiMui — Tue, 10 Feb 2026 01:39:11 GMT

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?

Deductible points not all flowing to Schedule A

dougquist — Sun, 12 Oct 2025 06:53:03 GMT

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 for loan #1 ($367) and correctly flowing from Home Int Wkst to Ded Home Mort Worksheet.

Points paid for purchase of new home, on Home Int Wkst show as "Deductible Points" in the summary near the bottom, but that $8,150.65, goes nowhere. These should be deductible in 2024 since I both got and refinance this mortgage in 2024, so amortizing them over the life of the loan doesn't apply.

More points were paid when I refinanced and the Home Int Wkst properly calculates the amortization amount of $121 but, again, that amount doesn't go any where.

When I look at my Ded Home Mort worksheet is only shows the points from the original loan ($357) instead of being $367 plus $8,150.65 plus $121 or a total of 8,638.65. This, of course, makes a HUGE difference in my tax situation!!!

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

jyee315 — Sun, 15 Jun 2025 23:25:26 GMT

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 worth. Is the interest that we pay to Canadian bank tax deductible when I file with the IRS. We file married, filing jointly. Thanks.

Amortization of Primary Home Mortgage Points

Memjewels1 — Sat, 15 Mar 2025 23:26:10 GMT

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 itemized expenses. How do I enter the points in TurboTax Online so that I claim a prorate amount this year with the unamortized amount carried forward to next year. The mortgage is a 30 year term. Is this entered as an asset or something or do I have to manually claim the amount in subsequent years?

Thank you

Deducting mortgage interest for primary home with secondary unit rental

Washem2015 — Fri, 07 Mar 2025 12:05:46 GMT

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 mortgage interest deduction? Does a portion of the interest get assigned as an expense on Schedule E where we list the lease income from the LLC? Do property taxes work similarly?

Deducting Points on New Primary Residence

LisaJJ — Tue, 25 Feb 2025 18:06:53 GMT

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

jorge-77 — Wed, 04 Dec 2024 17:27:00 GMT

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 to pay for it outright, but we’re debating whether taking a mortgage could be more beneficial, especially in terms of potential tax deductions.

Some specifics:

My federal tax deductions are around $2K per month.
We’re curious to know how much mortgage interest we could deduct and if there’s a threshold or limitation.

Would it make financial sense to take a mortgage for tax benefits, or would paying in full be a better choice? I’d appreciate any insights, tips, or links to official resources.

Thanks in advance for your help!

Heloc used to Buy Primary Residence

TahaTax2018 — Wed, 11 Feb 2026 10:11:57 GMT

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

vealeqan85 — Wed, 11 Feb 2026 09:38:45 GMT

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 in excess of the annual exemption for gifts, with full agreement from the original account holder, does the original account holder now need to file a form 709? Should the second holder record the funds of the down-payment as a gift on the mortgage application, though technically as a joint account holder they also own the funds?

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

ATao — Wed, 11 Feb 2026 07:49:31 GMT

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 your proceeds of your house sale for another one in-like condition), but I didn't do this last year. Can I still get a tax break, such as partial reimbursement of the Capital Gains Tax paid? I applied ALL of the proceeds of my house sale (plus more) to this new house.

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

young11 — Wed, 11 Feb 2026 08:18:21 GMT

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 by?

What was the balance of your mortgage loan on December 31, 2023?

I had refinanced my mortgage. I need clarification on the 1st question. The amount entered should only be the total refinanced amount that was used for home? Do not include the amount that was used for non-home related?

Thank you..

Capital Gains for a Home Down Payment

NM1126 — Wed, 11 Feb 2026 09:24:10 GMT

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 would receive some breaks since the money was used for a home down payment?

thanks

Mortgage Interest is not showing up on Schedule A

mjm77 — Wed, 11 Feb 2026 05:58:32 GMT

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 cash out. The interest paid should have been approximately $8,900. Instead, TT transferred $993. How do I fix this and override the entry on Schedule A? Is there a gliche in the program?

Closing cost on rental house.

Lynda Zhang — Wed, 11 Feb 2026 06:00:21 GMT

Can my mortgage closing cost can be deductible on rental property? Like title company’s charge and mortgage points.

Mortgage Interest Deduction - Acquisition Debt and refinance cash out

mjm77 — Wed, 11 Feb 2026 06:01:33 GMT

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 understanding that the interest on $29,000 is not deductible, but the rest of the interest based on loan amount is deductible. Is this correct?

Also, do I have to keep entering the loan as a refi cash out for the duration of the loan?

HELOC

cgb808 — Tue, 10 Feb 2026 10:46:52 GMT

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 second home. How do I input this in turbo tax as a loan with interest and taxes for my second home. Do I need to account for the quick time I used it in 2017? Or do I input the date I used it for the second home?

Appreciate any advise you can offer!

Mortgage Interest Deduction

NeilLott — Tue, 10 Feb 2026 09:25:38 GMT

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 an itemized deductions on her tax returns because she paid the mortgage do I still need to report the 1098s on my tax return?

Thanks,

Neil

Transfer equity from sale of real property into second home

cashmir316 — Tue, 24 Feb 2026 06:24:56 GMT

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 house deeded to her free and clear last year 2022 from her mother. We are looking to sell that home, use the proceeds to buy a new house my wife and I will live in, then move her mom into our current house. Looking for any advice on the least amount of tax implications and if our current home can/should be setup as an investment property to pay minimal taxes. Thanks!

Mortgage loan on purchase of the lot next door

carbo71 — Tue, 24 Feb 2026 06:07:03 GMT

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

Mortgage Interest and Insurance During Renovation

lindan86 — Tue, 24 Feb 2026 06:10:26 GMT

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 and insurance for 2022 is for the entire year, while my rental income is only four months, from Sep to Dec 2022. My question is should I capitalize the mortgage interest from Jan to Aug 2022? How about mortgage interest I paid in 2021? Thanks.