Home loans topics https://ttlc.intuit.com/community/home-loans/discussion/02/213 Home loans topics Mon, 26 Oct 2020 04:55:19 GMT 213 2020-10-26T04:55:19Z Capital Gains and Gift of Equity https://ttlc.intuit.com/community/home-loans/discussion/capital-gains-and-gift-of-equity/01/1733801#M1004 <P>I know this has been discussed but all the situations I read are all a little different, so U just wanted to ask.&nbsp; We are purchasing my parents second home. Payoff is around 155 to them, its valued in the mid 200's. We wanted to use the gift of equity and purchase it for 185 from them to cover down payment without going over the 30k gift limit. My parents purchased it for 165. Will they need to pay Capital Gains on the 20k difference? Or does it just count as the gift because they're not actually making that money? Any feedback would be appreciated.&nbsp;</P> Thu, 15 Oct 2020 15:29:58 GMT https://ttlc.intuit.com/community/home-loans/discussion/capital-gains-and-gift-of-equity/01/1733801#M1004 Shaff79 2020-10-15T15:29:58Z How do I find the land value of my condo? https://ttlc.intuit.com/community/home-loans/discussion/how-do-i-find-the-land-value-of-my-condo/01/1731174#M1001 <P>I own a condo in NYC. I believe this is considered real property since it is not a coop (I have a mortgage and pay property taxes directly). I converted this over to rental property last year and TT is asking for the Land Value. The Notice of Property Value from NYC does not mention Land Value anywhere. It only shows:</P><P>&nbsp;</P><P><EM>Market Value, $336,675</EM></P><P><EM>Assessment Percentage, 45%</EM></P><P><EM>Actual Assessed Value, $151,504</EM></P><P><EM>Transitional Assessed Value, $143,779</EM></P><P><EM>Exemption Value, $2,450</EM></P><P><EM>Taxable Value, $141,329&nbsp;&nbsp;</EM></P><P>&nbsp;</P><P><EM>The Market Value of your lot was derived by attributing a portion of the total residential value. This is done by adjusting your percentage interest in the total building to reflect your interest in the residential portion only. Your percentage interest in the building is 0.096%. This percentage is multiplied by 1.735 because the total condominium interests are 100%, but the residential portion is 57.653% (100% / 57.653%). The resulting percentage is multiplied by the total residential value in the building or development to determine the value of your lot.</EM></P><P>&nbsp;</P><P>Meanwhile, my monthly condo statement says my ownership percentage is 0.1489%.&nbsp; I would deeply appreciate it if anyone can help me decipher what to fill in for Land Value in TT as this is very confusing. Thank you.&nbsp;</P><P>&nbsp;</P> Sun, 11 Oct 2020 14:41:33 GMT https://ttlc.intuit.com/community/home-loans/discussion/how-do-i-find-the-land-value-of-my-condo/01/1731174#M1001 evgirl 2020-10-11T14:41:33Z Do I have to pay income tax on 60-day leaseback and if so, can I write off home improvements during those 60 days? https://ttlc.intuit.com/community/home-loans/discussion/do-i-have-to-pay-income-tax-on-60-day-leaseback-and-if-so-can-i-write-off-home-improvements-during/01/1720976#M996 <P>My husband and I recently purchased a second home and will continue to maintain our primary residence a few hours away. We only put 10% down on the house and, accordingly, our mortgage stipulates the home cannot be a rental/investment property.<BR />Under the sales contract, we have agreed to let the sellers do a leaseback while they close on their new home (paying us $100/day) and our mortgage company has agreed, with the restriction that it can only be for up to 60 days. I have two questions:<BR />1) Are we required to pay federal income tax on the money we collect during the leaseback period (up to $6k)? Note that the monthly income will exceed our mortgage payment by $900/mo, so it technically is income vs. just covering our mortgage payment.<BR />2) If we are required to pay taxes on that money, are we at least allowed to write off any home improvements while the sellers are there during the leaseback period? For example, the sellers have agreed to let us break ground on a pool while they are staying there, as well as installing a new garage door and painting the exterior of the home.</P> Wed, 16 Sep 2020 01:56:28 GMT https://ttlc.intuit.com/community/home-loans/discussion/do-i-have-to-pay-income-tax-on-60-day-leaseback-and-if-so-can-i-write-off-home-improvements-during/01/1720976#M996 kimbynj 2020-09-16T01:56:28Z bankrupt lender https://ttlc.intuit.com/community/home-loans/discussion/bankrupt-lender/01/1720527#M995 <P>ditech went bankrupt and need my 1098 from 2018. how can I get a new one issued if the website no longer exists&nbsp;</P> Tue, 15 Sep 2020 06:43:58 GMT https://ttlc.intuit.com/community/home-loans/discussion/bankrupt-lender/01/1720527#M995 nt2smrt 2020-09-15T06:43:58Z If someone refinances their primary residence, may they still gift it to their adult son 2-3 months later without any issue from the lender? https://ttlc.intuit.com/community/home-loans/discussion/if-someone-refinances-their-primary-residence-may-they-still-gift-it-to-their-adult-son-2-3-months/01/1717716#M990 <P>&nbsp;</P><P>This is more out of an abundance of caution.</P><P>&nbsp;</P><P>My elderly father, who isn’t doing too well healthwise, is going to refinance his house soon (30yr fixed conventional - house is in California), and then gift it to me.</P><P>&nbsp;</P><P>I understand that lenders stand to lose money if someone refinances a house with them, and then refinances again with someone else within 4-6 months, and that they sometimes even write temporary, perhaps 6 month, prepay penalties into the loan to guard against this.</P><P>&nbsp;</P><P><STRONG>What we’re not clear on is, if he :</STRONG><BR /><FONT color="#800000"><STRONG>Sept 2020: Refinances the house</STRONG></FONT><BR /><FONT color="#800000"><STRONG>Dec 2020: Transfers/gifts the entire house to me. House is primary residence for both of us. <U>I will not refinance the house or assume the loan for at least several years</U>. (We both decided the home may have to be gifted before the end of 2020, instead of passing through inheritance, for reasons beyond the scope of these questions.)</STRONG></FONT></P><P>&nbsp;</P><P><STRONG>... would there usually be anything in a standard refi contract that could complicate the gifting of the house?</STRONG></P><P>&nbsp;</P><P>This probably isn’t relevant, but the house is in his revocable living trust - he is the trustee, I am the beneficiary. We are aware of the tax implications, such as that there is no step-up in cost basis with this gift.</P><P>&nbsp;</P><P>It is my understanding that:<BR />-The Garn-St. Germain act permits parent to child gifts/transfers of a home without the loan being called.<BR />-The home ownership and the financing are two separate things, and that the loan can remain in my father’s name.</P><P>&nbsp;</P><P><STRONG>Our concern is that when a refi lender tries to sell a loan, Fannie May/Freddie Mac might check for a change in ownership of the house since the refi closed, and possibly have an issue if it changed. And if this is true, that refi lenders might write something into their contracts (possibly in fine print somewhere) to discourage the transfer/gift of a home before they are able to sell the loan to Fannie May/Freddie Mac. </STRONG></P><P>&nbsp;</P><P><STRONG>As mentioned earlier, for the case of someone refinancing again within 4-6 months, they actually do sometimes do this. But do they do this for only an ownership change?</STRONG></P><P>&nbsp;</P><P><BR /><FONT color="#0000FF"><STRONG>Our questions are:</STRONG></FONT></P><P><FONT color="#339966"><STRONG>#1 Would the home owner’s insurance company care about any of this? Are they involved in any way which could complicate/prevent this gift?</STRONG></FONT></P><P>&nbsp;</P><P><FONT color="#339966"><STRONG>#2 Most importantly, and the main question: Do lenders sometimes write anything into a refi loan, in California, that the house can not change ownership through gifting for a certain amount of time without penalties? (Again, I understand there may be prepay penalties if the home is refied within 6 months, I am referring only to a change in ownership.)</STRONG></FONT></P><P>&nbsp;</P><P>Our guess is the gift will be fine and without any issue - I’ll take ownership of the house, the loan will remain in his name, and there will be no penalties/issues from the refi lender for the gifting of the house 2-3 months after the refi. We just wanted to verify this before we look further into refinancing.</P><P>&nbsp;</P><P>Thank you.</P><P>&nbsp;</P> Tue, 08 Sep 2020 07:42:25 GMT https://ttlc.intuit.com/community/home-loans/discussion/if-someone-refinances-their-primary-residence-may-they-still-gift-it-to-their-adult-son-2-3-months/01/1717716#M990 js1_ 2020-09-08T07:42:25Z Refinance - change of primary residence https://ttlc.intuit.com/community/home-loans/discussion/refinance-change-of-primary-residence/01/1713435#M988 <P>I have a single family home in Illinois (owned for 17 years) and an apartment in Colorado (temp work assignment).&nbsp; I am going through a refinance on the house in Illinois and the mortgage company wants to change my primary residence to Colorado.&nbsp; Will that impact my EOY taxes?</P><P>&nbsp;</P><P>Thanks.</P> Thu, 27 Aug 2020 02:49:01 GMT https://ttlc.intuit.com/community/home-loans/discussion/refinance-change-of-primary-residence/01/1713435#M988 langfamilyillinois 2020-08-27T02:49:01Z Tax deduction https://ttlc.intuit.com/community/home-loans/discussion/tax-deduction/01/1712480#M983 <P>My fiancé and I just bought a house and we are trying to prepare for next years taxes and benefits for home ownership. We both own the house and pay the mortgage 50/50. Do we each need to be prepared to show our payments specifically from each of our accounts to prove this or will documentation not be needed? Any help with this would be great!</P> Tue, 25 Aug 2020 00:00:04 GMT https://ttlc.intuit.com/community/home-loans/discussion/tax-deduction/01/1712480#M983 Soprano1016 2020-08-25T00:00:04Z Home loans https://ttlc.intuit.com/community/home-loans/discussion/home-loans/01/1711916#M981 <P>Where should your credit be before getting a home loan?&nbsp;</P> Sun, 23 Aug 2020 06:27:35 GMT https://ttlc.intuit.com/community/home-loans/discussion/home-loans/01/1711916#M981 Bryan 2020-08-23T06:27:35Z 2019 CRP, https://ttlc.intuit.com/community/home-loans/discussion/2019-crp/01/1708954#M979 <P>how can get back to up date it</P><P>&nbsp;</P> Sat, 15 Aug 2020 20:40:26 GMT https://ttlc.intuit.com/community/home-loans/discussion/2019-crp/01/1708954#M979 greenbaypackes 2020-08-15T20:40:26Z 401k https://ttlc.intuit.com/community/home-loans/discussion/401k/01/1705061#M975 <P>Making a withdrawal from the 401k as a down payment will I be taxed on the amount I withdraw&nbsp;</P> Thu, 06 Aug 2020 17:28:58 GMT https://ttlc.intuit.com/community/home-loans/discussion/401k/01/1705061#M975 Mht1939 2020-08-06T17:28:58Z rentback/leaseback tax https://ttlc.intuit.com/community/home-loans/discussion/rentback-leaseback-tax/01/1702763#M973 <P>Hi all!&nbsp;</P><P>&nbsp;</P><P>In a situation where I'm purchasing a house where the seller will need to remain in the house for bout 90 days after closing.&nbsp;</P><P>&nbsp;</P><P>My question is this, I will have a conventional loan yet I've seen articles suggesting leasebacks over 60 days will be considered an investment residence as opposed to a primary residence. This in turn can change mortgage terms and/or increase the rate given conventional loans backed by Fannie/Freddie require the buyer to occupy within 60 days. Is this accurate?</P><P>&nbsp;</P><P>Also, let's assume this is correct I will likely request under 60 days. But in doing so, what impact does this have on my income tax? Do I report as rental income payments received for the leaseback period? Can I deduct expenses? Assuming the mortgage portion itself of the lease back payment won't be able to be deducted where the interest, taxes and insurance will be thus I would have some income tax hit given the entire amount cant be deducted? Or would this not be treated as rental income given its not for profit purposes? If so, how would I record for income taxes if I was to record at all?&nbsp;</P><P>&nbsp;</P><P>Thanks</P> Sun, 02 Aug 2020 17:41:45 GMT https://ttlc.intuit.com/community/home-loans/discussion/rentback-leaseback-tax/01/1702763#M973 Jkolisca 2020-08-02T17:41:45Z Home Equity Loan https://ttlc.intuit.com/community/home-loans/discussion/home-equity-loan/01/1701936#M969 <P>In 2019 we used $9,050 to remodel/repair bedroom/bathroom.&nbsp; Where is this entered?</P> Fri, 31 Jul 2020 18:33:45 GMT https://ttlc.intuit.com/community/home-loans/discussion/home-equity-loan/01/1701936#M969 HypnoKaye0525 2020-07-31T18:33:45Z Pay off home or refinance at a lower rate when I retire https://ttlc.intuit.com/community/home-loans/discussion/pay-off-home-or-refinance-at-a-lower-rate-when-i-retire/01/1696615#M967 <P>Should I pay off my home or refinance at a lower rate when I retire at age 63 ?</P> Tue, 21 Jul 2020 16:59:19 GMT https://ttlc.intuit.com/community/home-loans/discussion/pay-off-home-or-refinance-at-a-lower-rate-when-i-retire/01/1696615#M967 Soap 2020-07-21T16:59:19Z Early withdrawal of Roth IRA for downpayment https://ttlc.intuit.com/community/home-loans/discussion/early-withdrawal-of-roth-ira-for-downpayment/01/1694610#M965 <P>I will be making an early withdrawal of $10,000 from my Roth IRA, which was opened in 2008 for a newly built construction home. However, the home won’t be built until Feb 2021. Along the way, I will be adding upgrades to the home where I will have to put a deposit. The deposit will go into the escrow account and count towards the down payment. I know there’s a rule of spending the withdrawal amount within 120 days. All the upgrades/deposits will be within 120 days. Does this fall in line with purchasing a new home? Thanks</P> Fri, 17 Jul 2020 23:33:08 GMT https://ttlc.intuit.com/community/home-loans/discussion/early-withdrawal-of-roth-ira-for-downpayment/01/1694610#M965 Todiep83 2020-07-17T23:33:08Z my returns rejected, do to last years AGI was wrong . Any idea where I can fine this ? my taxes didn't print last year so how do I find it to resubmit it https://ttlc.intuit.com/community/home-loans/discussion/my-returns-rejected-do-to-last-years-agi-was-wrong-any-idea-where-i-can-fine-this-my-taxes-didn-t/01/1691941#M962 Thu, 16 Jul 2020 04:37:05 GMT https://ttlc.intuit.com/community/home-loans/discussion/my-returns-rejected-do-to-last-years-agi-was-wrong-any-idea-where-i-can-fine-this-my-taxes-didn-t/01/1691941#M962 packer546 2020-07-16T04:37:05Z Mortgage Interest Deduction https://ttlc.intuit.com/community/home-loans/discussion/mortgage-interest-deduction/01/1678715#M958 <P>My husband and I file as "Married filing separately". We did not own a home from January 1 - July 8, 2019. However, we purchased a home on 07/09/19 and took out a mortgage with lender #1 exceeding $600k. This loan was then sold to lender # 2 on 10/18/19. The outstanding balance with lender #2 as of 12/31/19 was $596k.&nbsp;</P><P>&nbsp;</P><P>Note: The mortgage is solely in my husband's name. Is his mortgage interest deduction limited to only the first $350k of the mortgage even though I cannot claim anything related to the property on my tax return?</P> Tue, 14 Jul 2020 05:01:10 GMT https://ttlc.intuit.com/community/home-loans/discussion/mortgage-interest-deduction/01/1678715#M958 stefholmes 2020-07-14T05:01:10Z !098 https://ttlc.intuit.com/community/home-loans/discussion/098/01/1677835#M957 <P>I entered the amount listed on the 1098 but it won't let me proceed&nbsp;</P> Tue, 14 Jul 2020 01:12:52 GMT https://ttlc.intuit.com/community/home-loans/discussion/098/01/1677835#M957 MSG6 2020-07-14T01:12:52Z Im full time motorhome can I deduct loan interst https://ttlc.intuit.com/community/home-loans/discussion/im-full-time-motorhome-can-i-deduct-loan-interst/01/1677229#M956 Mon, 13 Jul 2020 23:03:09 GMT https://ttlc.intuit.com/community/home-loans/discussion/im-full-time-motorhome-can-i-deduct-loan-interst/01/1677229#M956 e-7hallret 2020-07-13T23:03:09Z how can i correctly enter deductible closing costs not listed on 1098 https://ttlc.intuit.com/community/home-loans/discussion/how-can-i-correctly-enter-deductible-closing-costs-not-listed-on-1098/01/1674604#M954 <P>how/where can closing costs that are deductible as itemized, be entered from closing disclosure or hud correctly if not listed on 1098? i read other Q&amp;As that seem to contradict each other..? some say add to amounts to 1098, some say create additional 1098..? thank you in advance!</P> Mon, 13 Jul 2020 08:13:36 GMT https://ttlc.intuit.com/community/home-loans/discussion/how-can-i-correctly-enter-deductible-closing-costs-not-listed-on-1098/01/1674604#M954 daa 2020-07-13T08:13:36Z 1098 https://ttlc.intuit.com/community/home-loans/discussion/1098/01/1673320#M953 <P>My mortgage lender was changed. I received 1098’s from both lenders. Which one should I use?</P> Sun, 12 Jul 2020 22:26:53 GMT https://ttlc.intuit.com/community/home-loans/discussion/1098/01/1673320#M953 Ffdmom 2020-07-12T22:26:53Z Mortgage Interest on Time Share Property https://ttlc.intuit.com/community/home-loans/discussion/mortgage-interest-on-time-share-property/01/1672205#M952 <P>My husband and I bought into a time share in 2019.&nbsp; We received a 1098 form.&nbsp; In box 8 of the form it says "Vacation Ownership Interest."&nbsp; I'm assuming that means it is secured.&nbsp; This also shows up under the info for our regular home loan and home equity loan.&nbsp; I wanted to make sure I don't list this separately some how.</P> Sun, 12 Jul 2020 17:34:01 GMT https://ttlc.intuit.com/community/home-loans/discussion/mortgage-interest-on-time-share-property/01/1672205#M952 nursekatt 2020-07-12T17:34:01Z Interest on Home Equity Loans and Payments for Solar Panels https://ttlc.intuit.com/community/home-loans/discussion/interest-on-home-equity-loans-and-payments-for-solar-panels/01/1665408#M951 <P>My husband and I have&nbsp; a home equity loan.&nbsp; Are we allowed to file the interest payments made in 2019?&nbsp; We did not file the payments in 2018.&nbsp; Can we go back and file them now ?&nbsp; &nbsp; Also, we rent solar panels for our home.&nbsp; Under energy, are we allowed to file the yearly rental payments?</P> Thu, 09 Jul 2020 15:35:04 GMT https://ttlc.intuit.com/community/home-loans/discussion/interest-on-home-equity-loans-and-payments-for-solar-panels/01/1665408#M951 joanglo 2020-07-09T15:35:04Z My husband and I have a home equity are we able to claim the interest on this loan? Also we rent solar panels. Are we able to claim the yearly cost for the solar panels?lar that we have interest to claim https://ttlc.intuit.com/community/home-loans/discussion/my-husband-and-i-have-a-home-equity-are-we-able-to-claim-the-interest-on-this-loan-also-we-rent/01/1665393#M950 Thu, 09 Jul 2020 15:26:14 GMT https://ttlc.intuit.com/community/home-loans/discussion/my-husband-and-i-have-a-home-equity-are-we-able-to-claim-the-interest-on-this-loan-also-we-rent/01/1665393#M950 joanglo 2020-07-09T15:26:14Z New Home Loan https://ttlc.intuit.com/community/home-loans/discussion/new-home-loan/01/1662456#M947 <P>What closing costs can be deducted besides prepaid interest and prorated taxes?&nbsp;</P> Tue, 07 Jul 2020 23:10:32 GMT https://ttlc.intuit.com/community/home-loans/discussion/new-home-loan/01/1662456#M947 Quotidian1 2020-07-07T23:10:32Z RV Loan Interest Deduction https://ttlc.intuit.com/community/home-loans/discussion/rv-loan-interest-deduction/01/1662310#M946 <P>I have interest to deduct for an RV loan (the RV qualifies as a second home. Turbo Tax requires a principal balance amount be entered, but the loan was paid off in 2019. The software will not accept a balance of zero. How do I get past this required field to finish my taxes?</P> Tue, 07 Jul 2020 21:53:50 GMT https://ttlc.intuit.com/community/home-loans/discussion/rv-loan-interest-deduction/01/1662310#M946 Amy B 2020-07-07T21:53:50Z Refinance https://ttlc.intuit.com/community/home-loans/discussion/refinance/01/1661843#M942 <P>Should I pay closing costs up front to receive a lower rate/APR or not?</P> Tue, 07 Jul 2020 19:05:57 GMT https://ttlc.intuit.com/community/home-loans/discussion/refinance/01/1661843#M942 johnsonhee 2020-07-07T19:05:57Z The home mortgage interest from form 1098 does not transfer onto line 10 of the NY IT-196. What can be done? https://ttlc.intuit.com/community/home-loans/discussion/the-home-mortgage-interest-from-form-1098-does-not-transfer-onto-line-10-of-the-ny-it-196-what-can/01/1660090#M941 Mon, 06 Jul 2020 20:59:18 GMT https://ttlc.intuit.com/community/home-loans/discussion/the-home-mortgage-interest-from-form-1098-does-not-transfer-onto-line-10-of-the-ny-it-196-what-can/01/1660090#M941 Franc2me 2020-07-06T20:59:18Z Mortgage Int/point lim https://ttlc.intuit.com/community/home-loans/discussion/mortgage-int-point-lim/01/1658754#M940 <P>After I finish the taxes, the software finds one error... that Mortgage Int/point should be listed.</P><P>Up to this point of error, I owe federal taxes for 2000.&nbsp;</P><P>A bit of back ground.&nbsp; in my 1098 deductions, i have three items.</P><P>1. Original mortgage. 340000</P><P>2. Home equity 225000</P><P>3. Refinance mortgage 690000</P><P>For " Does you interest need to be limited"... "YES" is already marked.&nbsp; If I put 0 on the point (as I have no point for any of the above) my taxes go up to 5500 owed!</P><P>Am I right to say that it adds the three mortgages and they add up to 1255000 thus the yes on my "does your mortgage interest need to be limited since above 750000.</P><P>&nbsp;</P><P>However.&nbsp; I had a mortgage for 340000 + Home Eq for 225000.&nbsp;</P><P>later in the year, we refinanced both and got a new mortgage for 690000.&nbsp; So overall.. there is one mortgage for 690000.&nbsp; I changed the answer from Yes to No on "does your mortgage interest needs to be limited" since our mortgage is less than 750000 and at no point it has been over 690000.&nbsp;</P><P>&nbsp;</P><P>Am I right to change the answer to NO.&nbsp;</P><P>&nbsp;</P><P>thanks</P><P>&nbsp;</P><P>&nbsp;</P><P>&nbsp;</P><P>&nbsp;</P><P>&nbsp;</P><P>&nbsp;</P> Mon, 06 Jul 2020 03:33:26 GMT https://ttlc.intuit.com/community/home-loans/discussion/mortgage-int-point-lim/01/1658754#M940 hahari 2020-07-06T03:33:26Z 1098 https://ttlc.intuit.com/community/home-loans/discussion/1098/01/1657855#M939 <P>I entered the wrong amount for the outstanding mortgage principal, how can I change it</P> Sun, 05 Jul 2020 17:55:06 GMT https://ttlc.intuit.com/community/home-loans/discussion/1098/01/1657855#M939 macdknife 2020-07-05T17:55:06Z how to report sale of home on short term self financing https://ttlc.intuit.com/community/home-loans/discussion/how-to-report-sale-of-home-on-short-term-self-financing/01/1651156#M938 <P>I sold my home as is for a total of $30,000 in 2019.</P><P>&nbsp;</P><P>I accepted $10,000 down and financed the remaining balance at $500 per month which began on June 1, 2019. &nbsp;so for 2019 they paid a total of $13,500 and they will pay a total of &nbsp;$6,000 for 2020, $6,000 for 2021 and finally they will pay the remaining $4,500 in 2022.</P><P>&nbsp;</P><P>This is the first and only home I owned with my diseased husband and the first and only home I've ever sold. &nbsp;All of the proceeds I have from this sale is being applied to the purchase of the home I purchased in 2019 with my current husband which we are purchasing which cost $255,000. &nbsp;</P><P>&nbsp;</P><P>How do I report? &nbsp;Since this is the first and only home I and my first husband owned, can this be my tax free sale of a home? &nbsp;Or since all of the proceeds are needed to roll over to pay for my current home does that eliminate the tax burden?</P><P>&nbsp;</P><P>Please advise.</P><P>&nbsp;</P><P>Thank you for your help. &nbsp;&nbsp;</P><P>&nbsp;</P> Tue, 30 Jun 2020 01:13:09 GMT https://ttlc.intuit.com/community/home-loans/discussion/how-to-report-sale-of-home-on-short-term-self-financing/01/1651156#M938 kathyahowell 2020-06-30T01:13:09Z Unable to connect & import from Cenlar https://ttlc.intuit.com/community/home-loans/discussion/unable-to-connect-import-from-cenlar/01/1642498#M935 <P>I'm unable to connect and import from Cenlar (Central Loan Administration &amp; Reporting). I'm trying to import Form-1098 &amp; Form-1099-INT.</P><P>I'm using the Turbotax Premier Download Mac version. I provided the right login information and the TurboTax asked the right challenge question too. After providing the answer to the challenge question, the Turbo tax tried to establish a secure connection and failed.&nbsp; Can someone please help me out?&nbsp;</P><P>&nbsp;</P><P>I'm getting the following error message:</P><P>&nbsp; &nbsp; &nbsp; This import was Unsuccessful.</P><P class="p1">&nbsp; &nbsp; &nbsp; No problem - we'll help you enter the information and continue with your return.</P> Mon, 22 Jun 2020 16:38:51 GMT https://ttlc.intuit.com/community/home-loans/discussion/unable-to-connect-import-from-cenlar/01/1642498#M935 KRK 2020-06-22T16:38:51Z Mortgage Deduction not being allowed https://ttlc.intuit.com/community/home-loans/discussion/mortgage-deduction-not-being-allowed/01/1641595#M932 <P>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)</P><P>* The loans total $646,000</P><P>* I checked the box "Is this loan secured by a property of yours" for both loans</P><P>&nbsp;</P><P>What am I missing ?</P><P>&nbsp;</P><P>Thanks!</P> Sun, 21 Jun 2020 18:19:50 GMT https://ttlc.intuit.com/community/home-loans/discussion/mortgage-deduction-not-being-allowed/01/1641595#M932 jeff_m 2020-06-21T18:19:50Z Re.. 1st time buyer no credit https://ttlc.intuit.com/community/home-loans/discussion/re-1st-time-buyer-no-credit/01/1633131#M931 <P>Hi I would like to apply for a loan to purchase a camper trailer or 5th wheel to live in for me and my mother. &nbsp;Our mobile home is falling apart it’s so bad the rats and possums are in the walls . It’s to much work we don’t have floors or a shower sink kitchen or anything ! My mom has dementia and is hard to handle most the time I wish I could make it comfortable and safe&nbsp;</P> Sun, 14 Jun 2020 12:11:34 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-1st-time-buyer-no-credit/01/1633131#M931 Carrielees2019 2020-06-14T12:11:34Z Cashout Refinance on Primary residence to buy Rental Property - supporting documents and how to file tax https://ttlc.intuit.com/community/home-loans/discussion/cashout-refinance-on-primary-residence-to-buy-rental-property-supporting-documents-and-how-to-file/01/1629158#M928 <DIV class="lia-message-body lia-component-message-view-widget-body lia-component-body-signature-highlight-escalation lia-component-message-view-widget-body-signature-highlight-escalation"><DIV class="lia-message-body-content"><P>Hi, I have zero mortgage balance on my ~$750k worth primary residence.&nbsp; I am planning to do a cash-out refinance of ~300k on my primary residence, and use the entire money to purchase a rental/investment property.&nbsp; I understand that I can deduct the mortgage interest of the cash-out refinance loan on the Schedule E form, and use the mortgage interest against the rental income - i.e., if I follow the "tracing rules" to trace the flow of money from the cash-out re-fi to buy the rental property.&nbsp; I&nbsp; also understand that I need to buy the rental property within a few days of the cash-out re-fi, and make sure not to commingle the money with other personal funds (i.e., use a separate checking account).</P><P>&nbsp;</P><P>My question is, when I file tax, do I need to submit documents showing tracing of the money?&nbsp; Do I add any statement, saying that I used cash-out re-fi money from my primary residence to buy the rental?&nbsp; Or do I simply use Turb-tax to file my returns, and in case I get audited I submit the documents to the IRS?</P><P>&nbsp;</P><P>Also, when I use TurboTax to file returns, there is a question in the rental expenditure section that asks if/how much I paid in mortgage interest for loan for the rental property.&nbsp; There I provide the cash-out re-fi interest on my primary residence, right?&nbsp; Any suggestion on how I actually provide the cash-out re-fi information while filing taxes would be really helpful.</P><P>&nbsp;</P><P>Thanks a bunch!</P></DIV></DIV> Wed, 10 Jun 2020 23:30:54 GMT https://ttlc.intuit.com/community/home-loans/discussion/cashout-refinance-on-primary-residence-to-buy-rental-property-supporting-documents-and-how-to-file/01/1629158#M928 ayanep 2020-06-10T23:30:54Z Mortgage refinance https://ttlc.intuit.com/community/home-loans/discussion/mortgage-refinance/01/1629016#M927 <P>I own an owner occupied investment property. I started the refinance in 2019 and didn't close until early 2020.&nbsp; So should I file the refinance as a 2019 return or wait until next year to file?&nbsp; And on the&nbsp; settlement statement, I saw pre-paid interest covered both 2019 and 2020. Can I write off&nbsp; interest on those 2019 portion this year? If so, where do I enter them on TurboTax Home &amp; Business?</P><P>&nbsp;</P><P>Thanks for your help!</P> Wed, 10 Jun 2020 21:43:13 GMT https://ttlc.intuit.com/community/home-loans/discussion/mortgage-refinance/01/1629016#M927 yosemite sam 2020-06-10T21:43:13Z Va home loan https://ttlc.intuit.com/community/home-loans/discussion/va-home-loan/01/1626023#M921 <P>How do access my va benefits to use my ba home loan</P> Mon, 08 Jun 2020 18:55:20 GMT https://ttlc.intuit.com/community/home-loans/discussion/va-home-loan/01/1626023#M921 Splifford77 2020-06-08T18:55:20Z mortgage interest on a dwelling https://ttlc.intuit.com/community/home-loans/discussion/mortgage-interest-on-a-dwelling/01/1620696#M919 <P>We have recently "rented" a portion of our home to our special needs son. The sched E worksheet looks correct based on percentage&nbsp; - however when I review the return the mortgage interest is double (ie looks like we are paying $17k, but we are not. How can I correct this? I'm real confused.&nbsp;</P> Thu, 04 Jun 2020 00:33:58 GMT https://ttlc.intuit.com/community/home-loans/discussion/mortgage-interest-on-a-dwelling/01/1620696#M919 hskrgrl0605 2020-06-04T00:33:58Z Down Payment https://ttlc.intuit.com/community/home-loans/discussion/down-payment/01/1615633#M917 <P>Do my husband and I need a down payment? We would like to purchase a home and both of our credit scores are over 700. Is it truly necessary to have a down payment?</P> Sun, 31 May 2020 20:46:09 GMT https://ttlc.intuit.com/community/home-loans/discussion/down-payment/01/1615633#M917 Secollins23 2020-05-31T20:46:09Z Mortgage Interest adjusted https://ttlc.intuit.com/community/home-loans/discussion/mortgage-interest-adjusted/01/1605663#M915 <P>I have a mortgage secured in 2019 and less than $750k. I am answering the question 'no, none of these apply to me' and when I hit continue the program automatically adjusts the answer to 'yes, one or both of these situations applies to me'. &nbsp;When I review the deductions the program has also reduced the property tax. I am itemizing and not taking the standard deduction. Why is the program automatically updating this response?&nbsp;</P> Mon, 25 May 2020 04:38:03 GMT https://ttlc.intuit.com/community/home-loans/discussion/mortgage-interest-adjusted/01/1605663#M915 kchan 2020-05-25T04:38:03Z Buying property https://ttlc.intuit.com/community/home-loans/discussion/buying-property/01/1604855#M914 <P>I want to buy the perperty I have my mobile home on but I don’t know what kind of loan to apply for I’m thinking the loan only needs to be for 25000.. and I was wanting to know how much I should have for the down payment&nbsp;</P> Sun, 24 May 2020 17:57:50 GMT https://ttlc.intuit.com/community/home-loans/discussion/buying-property/01/1604855#M914 Jodyjodevore1 2020-05-24T17:57:50Z Previous tax documents https://ttlc.intuit.com/community/home-loans/discussion/previous-tax-documents/01/1598262#M909 <P>How can I view 2017 tax copies?</P> Wed, 20 May 2020 05:06:22 GMT https://ttlc.intuit.com/community/home-loans/discussion/previous-tax-documents/01/1598262#M909 Pinklebot 2020-05-20T05:06:22Z Mortgage Co-Borrower and Gifting https://ttlc.intuit.com/community/home-loans/discussion/mortgage-co-borrower-and-gifting/01/1591765#M906 <P>My mother owns the house my fiance and I currently live in. We (the three of us) would like to sell the home and my mother wants to use the profits as a down payment on our new home; she will be the third co-borrower/ a non-occupying borrower.</P><P>&nbsp;</P><P>Would the down payment used for the new home still be considered a Gift from my mom or because she is listed as a co-borrower, there would not need to be a "formal" signing over of a Gift for tax purposes and it would just be a normal down payment on a home?</P><P>&nbsp;</P><P>&nbsp;</P><P>Thank you!</P><P>&nbsp;</P> Sat, 16 May 2020 17:59:59 GMT https://ttlc.intuit.com/community/home-loans/discussion/mortgage-co-borrower-and-gifting/01/1591765#M906 MC_2016 2020-05-16T17:59:59Z 2018 PMI Deduction https://ttlc.intuit.com/community/home-loans/discussion/2018-pmi-deduction/01/1587659#M905 <P>Why turbotax is not adding my 2018 PMI deduction? I'm trying to amend but TurboTax is not calculating my deduction. My jointly AGI is under 100.000, it is my first home, first mortgage.</P> Thu, 14 May 2020 14:49:41 GMT https://ttlc.intuit.com/community/home-loans/discussion/2018-pmi-deduction/01/1587659#M905 claudioluaratax0 2020-05-14T14:49:41Z Mortgage insurance premium deduction for tax year 2018 https://ttlc.intuit.com/community/home-loans/discussion/mortgage-insurance-premium-deduction-for-tax-year-2018/01/1586464#M904 How do I amend my 2018 federal taxes to account for the "mortgage insurance premiums"? Wed, 13 May 2020 21:15:52 GMT https://ttlc.intuit.com/community/home-loans/discussion/mortgage-insurance-premium-deduction-for-tax-year-2018/01/1586464#M904 SPT58 2020-05-13T21:15:52Z Refinance property tax https://ttlc.intuit.com/community/home-loans/discussion/refinance-property-tax/01/1581746#M901 <P>We refinanced home in Dec. 2019 and paid property tax $1,558.00 at closing for 6 months, do I deduct the whole amount on my 2019 taxes or just one month?</P> Mon, 11 May 2020 18:28:48 GMT https://ttlc.intuit.com/community/home-loans/discussion/refinance-property-tax/01/1581746#M901 silasnic43 2020-05-11T18:28:48Z home loan https://ttlc.intuit.com/community/home-loans/discussion/home-loan/01/1580583#M900 <P>I need to know if I can purchase a new home in the next 6 months or so.</P> Mon, 11 May 2020 01:51:54 GMT https://ttlc.intuit.com/community/home-loans/discussion/home-loan/01/1580583#M900 rmonell58 2020-05-11T01:51:54Z Home loan or HELOC https://ttlc.intuit.com/community/home-loans/discussion/home-loan-or-heloc/01/1574703#M897 <P>With regards to below explanation I read on another post, please explain how you would even show that the funds were used to buy or build your primary home? Besides answering the question in turbo tax how does anyone know how you used the money?</P><P>&nbsp;</P><UL><LI><STRONG><EM>In most cases, you can deduct your interest. How much you can deduct depends on the date of the loan, the amount of the loan, and how you use the loan proceeds.</EM></STRONG></LI></UL><P>&nbsp;</P><P>&nbsp;</P> Fri, 08 May 2020 03:38:42 GMT https://ttlc.intuit.com/community/home-loans/discussion/home-loan-or-heloc/01/1574703#M897 vze56v6x 2020-05-08T03:38:42Z Down Payment as a gift from non-US resident https://ttlc.intuit.com/community/home-loans/discussion/down-payment-as-a-gift-from-non-us-resident/01/1552376#M890 <P>My question actually comes in 2 parts:</P><P>&nbsp;</P><P>1) My parents live abroad and are not US citizens or Green Card holders. They would like to support a down payment for our house, but due to annual gifting limitations in their home country, they will not be able to wire enough for the down payment if they wire the money directly to me. My mom does have a US checking account, so my parents are thinking of wiring the down payment to my mom's US account first, then her transferring the amount to me after it's deposited into her US account.</P><P>&nbsp;</P><P>Is there any limitation to how much a foreigner can deposit into a US account? And I'm assuming that there's no reporting requirements because she doesn't live in the US and doesn't have tax filing obligations here.</P><P>&nbsp;</P><P>2) Assuming the first part goes well and my mom is able to transfer the money to my account, is this gift subject to taxes (it will go over the exclusion amount) if it's coming from a foreigner? I am aware that I will have to report anything over $100k, but am not sure if there are any other requirements there.</P><P>&nbsp;</P><P>Thanks in advance!</P> Thu, 30 Apr 2020 03:39:54 GMT https://ttlc.intuit.com/community/home-loans/discussion/down-payment-as-a-gift-from-non-us-resident/01/1552376#M890 priss88c 2020-04-30T03:39:54Z Is Mortgage interest tax deductable? https://ttlc.intuit.com/community/home-loans/discussion/is-mortgage-interest-tax-deductable/01/1541326#M884 <P>Homeowners who are still paying mortgage for their current home, would the mortgage interest payment tax deductible?&nbsp; If so, what are the procedures and forms needed?&nbsp; Thanks</P> Mon, 27 Apr 2020 03:37:42 GMT https://ttlc.intuit.com/community/home-loans/discussion/is-mortgage-interest-tax-deductable/01/1541326#M884 wyow99 2020-04-27T03:37:42Z Cash home purchase then got a mortgage https://ttlc.intuit.com/community/home-loans/discussion/cash-home-purchase-then-got-a-mortgage/01/1539948#M882 <P>We purchased our home with cash we borrowed from our retirement. We then took out a mortgage to pay back our retirement. Does that count as an original loan for buying our home?</P> Sun, 26 Apr 2020 20:06:51 GMT https://ttlc.intuit.com/community/home-loans/discussion/cash-home-purchase-then-got-a-mortgage/01/1539948#M882 Dorothea 2020-04-26T20:06:51Z Refinance loan with points, used to renovate immediately sold to another lender https://ttlc.intuit.com/community/home-loans/discussion/refinance-loan-with-points-used-to-renovate-immediately-sold-to-another-lender/01/1538028#M877 <P>I refinanced my home and got extra to renovate.&nbsp; I paid $5900 points.&nbsp; Within a week it was sold to another lender.&nbsp; Turbo tax told me in the help section that under those conditions I deduct the entire amount rather than amortize.&nbsp; The points are reported on the 1098 form.&nbsp; They are not on the company which bought it.&nbsp; The only way to put enter the amount was to declare it as a new loan.&nbsp; Is this ok?&nbsp; Is there another way?</P> Sun, 26 Apr 2020 06:57:30 GMT https://ttlc.intuit.com/community/home-loans/discussion/refinance-loan-with-points-used-to-renovate-immediately-sold-to-another-lender/01/1538028#M877 MoreDisgusted 2020-04-26T06:57:30Z Tax on selling a Car https://ttlc.intuit.com/community/home-loans/discussion/tax-on-selling-a-car/01/1533233#M870 <P>Hello,</P><P>I purchased a Car in 2017 . I am planning to sell it now. Do I need to pay taxes on the selling Price.</P> Fri, 24 Apr 2020 23:48:05 GMT https://ttlc.intuit.com/community/home-loans/discussion/tax-on-selling-a-car/01/1533233#M870 yashK 2020-04-24T23:48:05Z Home loans interest and points https://ttlc.intuit.com/community/home-loans/discussion/home-loans-interest-and-points/01/1527581#M869 <P>loan balance exceeds home loan $474,833.72 12/14/2012 sold 8/5/ 2019 Int of $9838.52 New loan $740,043 9/5/2019 pts $8325 Acquired loan $740,043 10/23/2019 int $6465.&nbsp; It is asking if one or both apply for either going over the $750 limit for this year and under the 1M for the old loan.&nbsp; Do neither apply since we are under the 1M for the first and it is sold, the second with the points and interest puts it over so do we not claim the interest.&nbsp; At a loss for what to do</P> Thu, 23 Apr 2020 16:54:29 GMT https://ttlc.intuit.com/community/home-loans/discussion/home-loans-interest-and-points/01/1527581#M869 disneycruiser 2020-04-23T16:54:29Z Continue processing my 2018 tax return https://ttlc.intuit.com/community/home-loans/discussion/continue-processing-my-2018-tax-return/01/1510796#M866 Sun, 19 Apr 2020 15:27:54 GMT https://ttlc.intuit.com/community/home-loans/discussion/continue-processing-my-2018-tax-return/01/1510796#M866 Dlynn17 2020-04-19T15:27:54Z Refinance https://ttlc.intuit.com/community/home-loans/discussion/refinance/01/1505291#M863 <P>I refinanced my home loan it was less than $700000 but I continue to get the default as a refi for over a million when the original loan was taken out in 2008.&nbsp; Why is Turbo tax defaulting making my loan appear to be over a million?</P> Sat, 18 Apr 2020 03:06:14 GMT https://ttlc.intuit.com/community/home-loans/discussion/refinance/01/1505291#M863 Journet Prater 2020-04-18T03:06:14Z where do I enter my 2019 downpayment an closing costs for a home I bought in 2019 https://ttlc.intuit.com/community/home-loans/discussion/where-do-i-enter-my-2019-downpayment-an-closing-costs-for-a-home-i-bought-in-2019/01/1503892#M861 <P>where do I enter my 2019 downpayment an closing costs for a home I bought in 2019</P> Fri, 17 Apr 2020 22:28:58 GMT https://ttlc.intuit.com/community/home-loans/discussion/where-do-i-enter-my-2019-downpayment-an-closing-costs-for-a-home-i-bought-in-2019/01/1503892#M861 luminousjewel 2020-04-17T22:28:58Z Hurricane Michael unreimbursed expense https://ttlc.intuit.com/community/home-loans/discussion/hurricane-michael-unreimbursed-expense/01/1500802#M860 <P>Have a large amount of unreimbursed hurricane expenses not covered by Insurance &nbsp;Can I deduct them and how?</P> Fri, 17 Apr 2020 16:05:58 GMT https://ttlc.intuit.com/community/home-loans/discussion/hurricane-michael-unreimbursed-expense/01/1500802#M860 Peach1 2020-04-17T16:05:58Z Is there a limit to gift of equity? https://ttlc.intuit.com/community/home-loans/discussion/is-there-a-limit-to-gift-of-equity/01/1493105#M852 My husband and I have been living in his cousins house. We just pay his mortgage note and we were planning to put it in our name after. Well, there is only about $60,000 left to pay on the house and that is all his cousin would require us to buy it from him for. However, the house is appraised at about $110,000. Could his cousin give us $50,000 gift of equity and us put that as a down payment on the $60,000 loan leaving us only $10,000 to pay? Thu, 16 Apr 2020 17:54:26 GMT https://ttlc.intuit.com/community/home-loans/discussion/is-there-a-limit-to-gift-of-equity/01/1493105#M852 Alexius 2000 2020-04-16T17:54:26Z Divorced in 2019, do I claim home loans? https://ttlc.intuit.com/community/home-loans/discussion/divorced-in-2019-do-i-claim-home-loans/01/1487916#M850 <P>I was divorced in 2019, ex bought me out of my portion of the house and refinanced into his name.&nbsp; Do I still claim that I paid against a home loan since I lived there for half of the year? &nbsp;</P> Thu, 16 Apr 2020 02:52:32 GMT https://ttlc.intuit.com/community/home-loans/discussion/divorced-in-2019-do-i-claim-home-loans/01/1487916#M850 cassc 2020-04-16T02:52:32Z Loss on walk away from LLC https://ttlc.intuit.com/community/home-loans/discussion/loss-on-walk-away-from-llc/01/1482382#M848 <P>I have a "Flip" residential property which we had to walk away from in 2019. The house was purchased for $150K in LA under and LLC with Do Hard Money a Utah based LLC, as the other member. The remodel was was completed with ~$52k of rehab as part of the original loan. Owner equity is about $51K as we added our own money to the project to complete all the work.</P><P>&nbsp;</P><P>The project was completed and listed for sale where it sat for months unsold. Rather then continuing to dump more money into this to carry the property (mortgage etc..) we had to walk away from the LLC and give it all back to Do Hard money under a forbearance agreement, so they now own the property 100% as we gave up our interest in the LLC.&nbsp;</P><P>The property was treated as inventory for a flip and normally I would just treat it as a sale in my quickbooks accounting. But Im not sure how to treat walking away from our interest in this company in quick books and then Turbo tax. Can you provide some basic guidelines on how to best capture all of these losses.</P> Wed, 15 Apr 2020 19:47:03 GMT https://ttlc.intuit.com/community/home-loans/discussion/loss-on-walk-away-from-llc/01/1482382#M848 B2ca 2020-04-15T19:47:03Z How to enter a Refinanced Mortgage in TurboTax? https://ttlc.intuit.com/community/home-loans/discussion/how-to-enter-a-refinanced-mortgage-in-turbotax/01/1470522#M846 <P>So we had an existing mortgage with lender A.&nbsp; In April 2019 we refinanced with Lender B, and took cash out (to pay other debts).&nbsp; After one month, Lender B sold the Loan to Lender C.</P><P>&nbsp;</P><P>When entering the 1098 for the refinanced loan with Lender B, do I check the box that this load was paid off in 2019?&nbsp; It also asks when the last payment was.&nbsp; Is that the date of the one payment we made to Lender B, or the date Lender C assumed the loan?</P><P>&nbsp;</P><P>When I enter the 1098 for Lender C, do I call it another refinance and do I repeat the exact entries I used for Lender B regarding the portion of the loan amount used for the house itself?</P><P>&nbsp;</P><P>Very confusing!</P> Tue, 14 Apr 2020 23:35:37 GMT https://ttlc.intuit.com/community/home-loans/discussion/how-to-enter-a-refinanced-mortgage-in-turbotax/01/1470522#M846 PBiz3 2020-04-14T23:35:37Z Which is better, to pay out of pocket or get a loan? https://ttlc.intuit.com/community/home-loans/discussion/which-is-better-to-pay-out-of-pocket-or-get-a-loan/01/1470493#M845 <P>I want to buy a property back in my hometown. The cost will be between $35,000-$45,000. Should I get a loan, or should I pay for the property out of pocket?</P><P>&nbsp;</P><P>If I use all of my liquid money (savings/checking accounts) I could come up with the total. However, is that a smart decision? If I do that, I will only have about $5,000 left for emergencies.</P><P>&nbsp;</P><P>If I get a loan, I would still have access to all of my "immediate" money. I could have flexibility if something catastrophic/unplanned were to happen. I hate the thought of having debt, and I have always avoided loans/borrowing. But a big part of avoiding debt has been making sure that I have plenty of "emergency money" on hand. Also, I have never gotten a loan before, and I've heard that could help improve my credit score (current: 782).&nbsp;&nbsp;</P><P>&nbsp;</P><P>This property is just something that I want. The buildings are ancient and would require tons of work before they would be safe to do anything with. I want to buy it and begin fixing it up. Eventually when I retire, I would like to go back home and have everything set.</P><P>&nbsp;</P><P>I am an extremely financially responsible person. I have a career earning $60k + annually. No debt. I have a Roth IRA and an investment account. (neither will be touched for this purchase) I have a retirement plan through work as well. No kids.</P><P>&nbsp;</P><P>What would be the most responsible way to move forward? Thank you in advance for your advice.&nbsp;</P> Tue, 14 Apr 2020 23:31:27 GMT https://ttlc.intuit.com/community/home-loans/discussion/which-is-better-to-pay-out-of-pocket-or-get-a-loan/01/1470493#M845 Fairlane66 2020-04-14T23:31:27Z I need a loan to pay bills https://ttlc.intuit.com/community/home-loans/discussion/i-need-a-loan-to-pay-bills/01/1462689#M843 <P>I need $4,000.00</P> Tue, 14 Apr 2020 03:48:15 GMT https://ttlc.intuit.com/community/home-loans/discussion/i-need-a-loan-to-pay-bills/01/1462689#M843 jessierayereed 2020-04-14T03:48:15Z Information for buying a house https://ttlc.intuit.com/community/home-loans/discussion/information-for-buying-a-house/01/1436894#M840 <P>Hello,</P><P>I want to know how easy it is to buy a house. I dont know much about mortgages and different types of taxes to be filed after getting a mortgage/house. Those who have gone through the process of buying a house can give some guidelines. What should I look into before buying a house. Lets say if I decide which house I need to buy. Do i need to see any documents from previous owner ? Do i need to involve a housing company ? Does buying a house change my tax filling ? How to know about property taxes ? Do i need to tell government that I have bought a house so that they can send me some tax documents . I would really appreciate if someone can give me step by step process of buying a house</P> Fri, 10 Apr 2020 17:17:06 GMT https://ttlc.intuit.com/community/home-loans/discussion/information-for-buying-a-house/01/1436894#M840 yashK 2020-04-10T17:17:06Z I sold my home last year, got married & moved into my wifes home, how do I submit the interest & taxes for that home? https://ttlc.intuit.com/community/home-loans/discussion/i-sold-my-home-last-year-got-married-moved-into-my-wifes-home-how-do-i-submit-the-interest-taxes-for/01/1421243#M836 Tue, 07 Apr 2020 19:12:30 GMT https://ttlc.intuit.com/community/home-loans/discussion/i-sold-my-home-last-year-got-married-moved-into-my-wifes-home-how-do-i-submit-the-interest-taxes-for/01/1421243#M836 Lukeerikasarah 2020-04-07T19:12:30Z Bankruptcy https://ttlc.intuit.com/community/home-loans/discussion/bankruptcy/01/1418821#M834 <P>My current roommate has been struggling to make his mortgage payment for the last year due to an accident that broke his back! However he was in the middle of filing bankruptcy and has gone through the process and even made three payment to it already! However he has not been paid for the last 10wks due to family getting ill being the only parent at home with two daughters who both got sick one after the other fallowed by himself and than just as he was getting back to work the out break of covid 19 became very intense dropping his hours at work and ultimately causing him to not be able to pay on his bankruptcy payment and now he is almost three months past due! Taking him almost to the week of his first daughter getting ill. None of them have been tested for covid 19 as they though it was a simple flu going around at 1st. Than after he got sick we were concerned but never tested, as his daughter recovered he than to recovered and more importantly concerned about just getting back to working! Our concern now is that sense his accident he has been struggling for some time now, YES however due to all of them getting sick one by one and than him and only making it to work to barley cover the food on the table before ultimately having no work due to the stay at home orders have been ordered we are not sure how or if we have any option At all from saving his bankruptcy now after slowly climbing back out of his financial and now losing grip yet again due to this Virus out break?! Please I am not sure if you are able to provide us with ANY KINDA OF INFORMATION ON WHAT OR WHO TO CALL OR WHAT GROUNDS HE MAY HAVE as this family has been through so much and stayed so strong through so many ups and downs and with finally being able to see the light at the end of the dark tunnel they have been traveling down now for sometime and to see that light go out ultimately bc of this COVID-19 virus out break would cause this family to lose so much more than just a house! This is the one place they always felt safe in the one place they always knew they had the comfort of coming home to and after working so hard as a team to keep the house out of foreclosures and finally getting the bankruptcy in order I will never forget the look on there faces the day dad came home with the recipient to the 1st bankrupts payment he made and I don’t think they can handle much more let alone losing everything and having it all slip through there fingers for good this time!!<BR />So please please any information or contact info of who or what to call and try to manage them through ANY OF THIS WOULD BE A GODS BLESSING!!<BR />Thank you so much for your time<BR />my name is<BR />Shelly&nbsp;<BR />and my contact info is<BR />Email: [email address removed]</P> Tue, 07 Apr 2020 14:17:54 GMT https://ttlc.intuit.com/community/home-loans/discussion/bankruptcy/01/1418821#M834 sbullock1051 2020-04-07T14:17:54Z Down Payment https://ttlc.intuit.com/community/home-loans/discussion/down-payment/01/1409971#M827 <P>I made a down payment to a private seller in 2019 but did not purchase the property until January 2020. Can I deduct that down payment on my 2019 taxes?</P> Sun, 05 Apr 2020 17:25:50 GMT https://ttlc.intuit.com/community/home-loans/discussion/down-payment/01/1409971#M827 SRF1 2020-04-05T17:25:50Z purchase home for rental in another state https://ttlc.intuit.com/community/home-loans/discussion/purchase-home-for-rental-in-another-state/01/1401067#M825 Fri, 03 Apr 2020 15:44:22 GMT https://ttlc.intuit.com/community/home-loans/discussion/purchase-home-for-rental-in-another-state/01/1401067#M825 99jns 2020-04-03T15:44:22Z Mortgage Points https://ttlc.intuit.com/community/home-loans/discussion/mortgage-points/01/1389006#M821 <P>I helped my daughter buy a home. &nbsp;I paid all points and co-signed on the loan. &nbsp;I wanted to deduct points, but Turbo Tax is treating this as a second home for me and says I must amortize points over life of the loan. &nbsp;Is there a way for me to deduct all the points paid at once?</P> Tue, 31 Mar 2020 22:59:13 GMT https://ttlc.intuit.com/community/home-loans/discussion/mortgage-points/01/1389006#M821 Sunshine54 2020-03-31T22:59:13Z interest on home loan https://ttlc.intuit.com/community/home-loans/discussion/interest-on-home-loan/01/1383319#M819 <P>when we input our interest and what we pay on&nbsp; our property taxes,&nbsp; it did not move the number amount on the (shows your refund amount) area. so I thought this would be counted as a deduction. the amount was $8,367.00 on interest and $1,994.00 for property taxes.&nbsp;</P> Mon, 30 Mar 2020 20:34:54 GMT https://ttlc.intuit.com/community/home-loans/discussion/interest-on-home-loan/01/1383319#M819 campingelves 2020-03-30T20:34:54Z Federal rejected says I owe on a first time home owners loan..... I don't have a loan. How do I find this loan https://ttlc.intuit.com/community/home-loans/discussion/federal-rejected-says-i-owe-on-a-first-time-home-owners-loan-i-don-t-have-a-loan-how-do-i-find-this/01/1365678#M815 Fri, 27 Mar 2020 02:11:05 GMT https://ttlc.intuit.com/community/home-loans/discussion/federal-rejected-says-i-owe-on-a-first-time-home-owners-loan-i-don-t-have-a-loan-how-do-i-find-this/01/1365678#M815 eloypadilla19 2020-03-27T02:11:05Z Morgage interest from a newly refinanced reverse mortgage https://ttlc.intuit.com/community/home-loans/discussion/morgage-interest-from-a-newly-refinanced-reverse-mortgage/01/1352857#M810 <P>I took out a reverse mortgage that was finalized in December. The HUD mortgage insurance premium that was prepaid was $10.800.00. Where in Turbo Tax can I declare my payment. This was an amount that was on the closing statement. The end of year Reverse Mortgage Statement only lists interest and insurance as an accrued item and does not show paid interest from the closing statement.</P> Mon, 23 Mar 2020 23:30:07 GMT https://ttlc.intuit.com/community/home-loans/discussion/morgage-interest-from-a-newly-refinanced-reverse-mortgage/01/1352857#M810 jimsk8er 2020-03-23T23:30:07Z One house, two owners https://ttlc.intuit.com/community/home-loans/discussion/one-house-two-owners/01/1349093#M806 <P><FONT>If two siblings buy a house and both are on the title and the mortgage; can they split the interest expense each year, or do they have to take turns on who gets the deduction? The 1098 lists both names but only one TIN.</FONT></P> Sun, 22 Mar 2020 23:16:47 GMT https://ttlc.intuit.com/community/home-loans/discussion/one-house-two-owners/01/1349093#M806 buc20jon 2020-03-22T23:16:47Z repayment on a defaulted loan https://ttlc.intuit.com/community/home-loans/discussion/repayment-on-a-defaulted-loan/01/1347755#M805 <P>I co signed on home loan for my son he defaulted and I had to pay. Am I able to deduct that amount that I paid on my tax return</P> Sun, 22 Mar 2020 18:14:12 GMT https://ttlc.intuit.com/community/home-loans/discussion/repayment-on-a-defaulted-loan/01/1347755#M805 moshemetzger 2020-03-22T18:14:12Z adjusted mortgage interest https://ttlc.intuit.com/community/home-loans/discussion/adjusted-mortgage-interest/01/1338314#M802 <P>I am trying to calculate the adjusted mortgage interest for a loans that are above 750k using turbotax premier. I have a mortgage for 771k originated 9/2018 and a HELOC originated 9/2018 for 145k both of which I used to purchase and fix my home. I consolidated these two to a larger loan for 921k on 11/2019. My total mortgage interest is added up to be 35k for 2019.</P><P>The instructions to calculate the adjusted mortgage interest for loans &gt;750k are very vague (from both turbotax and IRS) and do not take into account a refinance during the same year. How would I go about doing this? Or do I have to seek professional help from a CPA? Thanks</P> Fri, 20 Mar 2020 01:12:51 GMT https://ttlc.intuit.com/community/home-loans/discussion/adjusted-mortgage-interest/01/1338314#M802 powerbread78 2020-03-20T01:12:51Z Multiple 1098 due to lender transfer https://ttlc.intuit.com/community/home-loans/discussion/multiple-1098-due-to-lender-transfer/01/1329803#M798 <P>My mortgage was sold to twice in 2019. Turbo tax now thinks that I have an average loan balance that exceeds $750,000 and is pushing my default answer to Yes, and pulling my refund down significantly. When in reality I only have one home loan. Am I doing something wrong?</P> Tue, 17 Mar 2020 23:53:18 GMT https://ttlc.intuit.com/community/home-loans/discussion/multiple-1098-due-to-lender-transfer/01/1329803#M798 SpyderDiver 2020-03-17T23:53:18Z Mortgage Points https://ttlc.intuit.com/community/home-loans/discussion/mortgage-points/01/1327214#M796 <P>I purchased my main home this year and I want to add my mortgage points on my 2019 taxes. The only options I have is to amortize over the life of the loan or not to report points. I don't see how to add the amount I paid for points of my home loan? Thank you.</P> Tue, 17 Mar 2020 15:16:28 GMT https://ttlc.intuit.com/community/home-loans/discussion/mortgage-points/01/1327214#M796 C_L2019 2020-03-17T15:16:28Z co-signer https://ttlc.intuit.com/community/home-loans/discussion/co-signer/01/1325098#M794 <P>Good evening,</P><P>&nbsp;</P><P>I'm hoping someone can provide guidance.&nbsp; I co-signed on a house with my sister.&nbsp; She pays the mortgage, i contribute nothing.&nbsp; Do i have to add that 1098 on my taxes?&nbsp; We agreed that I didn't want to split the numbers, she should get 100%. If i have to include her 1098 how would i go about doing that and showing $0? Thanks in advance.</P> Mon, 16 Mar 2020 21:40:54 GMT https://ttlc.intuit.com/community/home-loans/discussion/co-signer/01/1325098#M794 rivera01 2020-03-16T21:40:54Z REFINANCE https://ttlc.intuit.com/community/home-loans/discussion/refinance/01/1322290#M789 <P>We refinanced our house in 2018 to consolidate bills and to pay off a second mortgage. The new tax law about refinancing a house and what portion of the mortgage interest can be claimed is unclear to me.</P><P>&nbsp;</P><P>Our original mortgage was $116,000 and we refinanced to a $170,000 loan, with $44,000 going to paying off a second mortgage and $10,000 going to pay off several other nonsecured depts. What portion would we still be able to claim? Does the $44000 going to pay off the home equity lone still count as going towards home improvement, as the 2nd home loan did? Or is the original loan of $116,000 all that can be claimed?</P> Mon, 16 Mar 2020 05:49:14 GMT https://ttlc.intuit.com/community/home-loans/discussion/refinance/01/1322290#M789 W00Dtaxed 2020-03-16T05:49:14Z Cash out refinance- How Can I Use $? https://ttlc.intuit.com/community/home-loans/discussion/cash-out-refinance-how-can-i-use/01/1305486#M776 <P>I'm considering doing a cash out refinance to lower my rate and fund&nbsp; a few home improvement projects.&nbsp; some of them are larger and clearly improve home value (back yard landscaping), but some are smaller and wouldn't necessarily add much home equity (add a sink to the laundry room.)&nbsp; I know the 2017 tax reform limited what you could do with the cash out money and still be able to deduct your mortgage interest.&nbsp; I'm trying to figure out 2 things... 1) How strict are they about defining what qualifies under the must improve home equity rule?&nbsp; Do I really have to demonstrate an equity bump for all $ spent?&nbsp; 2) What do I do if the projects end up costing a little less than I took out?&nbsp; (~$1K - $2K)&nbsp; Can I just pay the money back to my principal and call it good?</P><P>&nbsp;</P><P>I'm trying to decide if I want to do this and not screwing up and being unable to deduct my mortgage interest is part of the consideration.&nbsp; Thanks!</P> Wed, 11 Mar 2020 19:28:08 GMT https://ttlc.intuit.com/community/home-loans/discussion/cash-out-refinance-how-can-i-use/01/1305486#M776 jkghh 2020-03-11T19:28:08Z Home purchase but did not receive a 1098 https://ttlc.intuit.com/community/home-loans/discussion/home-purchase-but-did-not-receive-a-1098/01/1304355#M773 <P>I purchased a new home in 2019 and did not receive a 1098 from the initial lending institute; therefore, I'm unsure how to report information for tax deduction purposes.&nbsp; I have a closing disclosure which I was told by the lender can be used instead.&nbsp; This is a VA loan with VA funding fees.</P> Wed, 11 Mar 2020 15:56:06 GMT https://ttlc.intuit.com/community/home-loans/discussion/home-purchase-but-did-not-receive-a-1098/01/1304355#M773 aphogan 2020-03-11T15:56:06Z House Loan https://ttlc.intuit.com/community/home-loans/discussion/house-loan/01/1303114#M771 <P>I forgot to report my mortage interest. What should I do?</P> Wed, 11 Mar 2020 03:09:40 GMT https://ttlc.intuit.com/community/home-loans/discussion/house-loan/01/1303114#M771 DeniseBates 2020-03-11T03:09:40Z mortgage reporting https://ttlc.intuit.com/community/home-loans/discussion/mortgage-reporting/01/1302749#M769 <P>Per Turbo Tax: "One great benefit of home ownership is that you can deduct the home loan interest you paid for your primary home..." Yet, beyond the name of the lending institution, there is no prompt to enter the interest. Is this deduction still not allowed for 2019?</P> Wed, 11 Mar 2020 01:24:50 GMT https://ttlc.intuit.com/community/home-loans/discussion/mortgage-reporting/01/1302749#M769 blackhillsclam 2020-03-11T01:24:50Z Property taxes https://ttlc.intuit.com/community/home-loans/discussion/property-taxes/01/1297880#M759 <P>Refinanced home mortgage loan from one institute to another. When adding the 2nd institutes information, Turbo asked for the real estate taxes paid again. My question is, should this amount be entered once or enter it again as they asked?</P> Mon, 09 Mar 2020 23:41:53 GMT https://ttlc.intuit.com/community/home-loans/discussion/property-taxes/01/1297880#M759 taxprep5979 2020-03-09T23:41:53Z Home Equity Loans https://ttlc.intuit.com/community/home-loans/discussion/home-equity-loans/01/1293130#M755 <P>I did a home equity loan at the end of 2019. To qualify for this loan several accounts had to be paid off using some of the equity money so not all of the loan was used to remodel my home. Before everything was said and done I have three mortgage companies to enter on my taxes but Turbo Tax will only let me enter the info from two of them. What an I suppose to do in this case?</P> Sun, 08 Mar 2020 23:16:42 GMT https://ttlc.intuit.com/community/home-loans/discussion/home-equity-loans/01/1293130#M755 idabest1 2020-03-08T23:16:42Z Pre-payment https://ttlc.intuit.com/community/home-loans/discussion/pre-payment/01/1289293#M751 <P>We sold a rental home in 2017 and carried the 10-year loan. In 2019 the principal was paid off in a lump sum.I can't figure out how to enter this on TurboTax Premier.</P> Sun, 08 Mar 2020 00:45:03 GMT https://ttlc.intuit.com/community/home-loans/discussion/pre-payment/01/1289293#M751 rickpatty 2020-03-08T00:45:03Z Can I deduct the interest on a cash out refinance if I used the cash to buy a rental property ? https://ttlc.intuit.com/community/home-loans/discussion/can-i-deduct-the-interest-on-a-cash-out-refinance-if-i-used-the-cash-to-buy-a-rental-property/01/1282488#M747 <P>We are retired and own our home. We took a cash out refi to buy a small rental property cash.</P><P>&nbsp;</P><P>Can I use this interest as an expense on Sched E of my rental property since loan was only used to acquire the rental ?</P> Fri, 06 Mar 2020 17:13:45 GMT https://ttlc.intuit.com/community/home-loans/discussion/can-i-deduct-the-interest-on-a-cash-out-refinance-if-i-used-the-cash-to-buy-a-rental-property/01/1282488#M747 inbb2b 2020-03-06T17:13:45Z Sale of second home - both rental and personal use https://ttlc.intuit.com/community/home-loans/discussion/sale-of-second-home-both-rental-and-personal-use/01/1281834#M745 <P>I sold a second home that was rented part time and also used for personal use. I'm reporting the rental (investment) proceeds under business/less common business situations/sale of business property and allocating a percentage to the period of time the property was rented. TurboTax tells me to report the rest of the proceeds under "other investment or personal use property." Where can I find that section?</P> Fri, 06 Mar 2020 15:28:22 GMT https://ttlc.intuit.com/community/home-loans/discussion/sale-of-second-home-both-rental-and-personal-use/01/1281834#M745 eobelisle 2020-03-06T15:28:22Z Re: first time home buyer what was that https://ttlc.intuit.com/community/home-loans/discussion/re-first-time-home-buyer-what-was-that/01/1279305#M743 <P>My federal is rejected my return due to first time buyer&nbsp;</P><P>&nbsp;</P> Thu, 05 Mar 2020 23:35:06 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-first-time-home-buyer-what-was-that/01/1279305#M743 oncearound18 2020-03-05T23:35:06Z Home loan fees https://ttlc.intuit.com/community/home-loans/discussion/home-loan-fees/01/1263313#M736 <P>What part of home loan costs besides points are deductible?</P> Tue, 03 Mar 2020 19:48:04 GMT https://ttlc.intuit.com/community/home-loans/discussion/home-loan-fees/01/1263313#M736 jmiriam 2020-03-03T19:48:04Z Sold & Bought Home Program won't allow me to deduct mortgage interest https://ttlc.intuit.com/community/home-loans/discussion/sold-bought-home-program-won-t-allow-me-to-deduct-mortgage-interest/01/1253999#M728 <P>Hi,</P><P>I sold my home and bought another in 2019. &nbsp;I also had a bridge loan for a month or so. &nbsp;All the loans except my final mortgage were paid off in 2019 with my final outstanding mortgage balance of $556,052. The program keeps adjusting me back to a standard deduction because it thinks I have over $1Million in mortgage balances, even though I have checked the box that confirms that I do not. &nbsp;Please advise how to override the program so that I can take the interest deduction &amp; itemized deduction, or how to fix my entry. &nbsp;Thanks</P> Sun, 01 Mar 2020 17:20:58 GMT https://ttlc.intuit.com/community/home-loans/discussion/sold-bought-home-program-won-t-allow-me-to-deduct-mortgage-interest/01/1253999#M728 AEPratt 2020-03-01T17:20:58Z Home equity loan https://ttlc.intuit.com/community/home-loans/discussion/home-equity-loan/01/1250503#M726 <P>I have a new home equity loan ( not a HELOC) in 2019. &nbsp;How do I accurately enter the loan interest information and answer the questions re: this loan. &nbsp;It is not the original loan for the home nor is it a HELOC which are the 2 choices given. &nbsp;</P> Sat, 29 Feb 2020 12:57:43 GMT https://ttlc.intuit.com/community/home-loans/discussion/home-equity-loan/01/1250503#M726 c_1 2020-02-29T12:57:43Z Mortgage interest allocation https://ttlc.intuit.com/community/home-loans/discussion/mortgage-interest-allocation/01/1248493#M723 <P>I am preparing "married - filing separately" returns for my daughter and son-in-law. Some of their itemized deductions (e.g., state income taxes) are recorded in their respective W-2's on an individual basis. Others (e.g., mortgage interest) are reported on Form 1098 to the two as joint owners of the house and mortgage.&nbsp; This necessitates allocating the mortgage interest to the two separate tax returns. Does this have to be allocated on a 50/50 basis, or could it be allocated on the basis of their respective W-2 wages for the year?</P> Fri, 28 Feb 2020 19:26:07 GMT https://ttlc.intuit.com/community/home-loans/discussion/mortgage-interest-allocation/01/1248493#M723 jwnagel 2020-02-28T19:26:07Z morgage deduction on a Heloc that is open for for ten years and is spent on a revolving base , is the home inprovement purchases made after the original loan opening deductable https://ttlc.intuit.com/community/home-loans/discussion/morgage-deduction-on-a-heloc-that-is-open-for-for-ten-years-and-is-spent-on-a-revolving-base-is-the/01/1242543#M718 Thu, 27 Feb 2020 15:33:58 GMT https://ttlc.intuit.com/community/home-loans/discussion/morgage-deduction-on-a-heloc-that-is-open-for-for-ten-years-and-is-spent-on-a-revolving-base-is-the/01/1242543#M718 Steven53 2020-02-27T15:33:58Z Mortgage interest deduction https://ttlc.intuit.com/community/home-loans/discussion/mortgage-interest-deduction/01/1239115#M714 <P>I paid $11,653 in home mortgage interest and TurboTax indicates none of it is deductible.</P> Wed, 26 Feb 2020 23:46:07 GMT https://ttlc.intuit.com/community/home-loans/discussion/mortgage-interest-deduction/01/1239115#M714 HO58 2020-02-26T23:46:07Z remortgage with cash out vs. a home equity loan ? https://ttlc.intuit.com/community/home-loans/discussion/remortgage-with-cash-out-vs-a-home-equity-loan/01/1236887#M709 <P>I own my home free and clear but , I owe&nbsp; $50,000 on my Class A motor home and $25,000 yet on my automobile . The motor home qualifies as a second home&nbsp; so I can declare the interest paid at 3.74% and the payment is $550 per month. The automobile interest is at 3.79% and the payment is $450 per month. My question is should I refinance $100,000 for 30 years at 3.5% interest , taking 50K cash out to pay off the motor home and 25K&nbsp; to pay off the auto loan and&nbsp; use the remaining 25K&nbsp; on needed home improvements ! My new payment would be $450 vs the $1000 I pay out now .&nbsp; I'm concerned , that by doing this , I may loose the $2000 interest credit by transferring that 50K debt into a home loan ! Would I be better off keeping the Recreational Vehicle&nbsp; loan as it is and applying&nbsp; for fee free home equity loan of 50K ? I realize that only the money used towards home improvements would be tax declarable and not the $2500 applied to pay off the automobile .&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Tom</P> Wed, 26 Feb 2020 19:21:45 GMT https://ttlc.intuit.com/community/home-loans/discussion/remortgage-with-cash-out-vs-a-home-equity-loan/01/1236887#M709 pokoinc70 2020-02-26T19:21:45Z Interest deduction on main home https://ttlc.intuit.com/community/home-loans/discussion/interest-deduction-on-main-home/01/1230499#M707 <P>Ok...I paid $14,500 interest in 2019 on our main home (outstanding loan of about $375K).&nbsp; It lowered my tax liability by <STRONG>$132!!!</STRONG>&nbsp; Is that possible?&nbsp; &nbsp; I must be doing something wrong...what's up?</P> Tue, 25 Feb 2020 22:35:42 GMT https://ttlc.intuit.com/community/home-loans/discussion/interest-deduction-on-main-home/01/1230499#M707 zoarroad 2020-02-25T22:35:42Z Mortgage interest https://ttlc.intuit.com/community/home-loans/discussion/mortgage-interest/01/1223483#M698 <P>My husband and I bought a home in July 2019. &nbsp;We refinanced in October 2019. We got 1098 forms from the original loan provider, the purchaser of that loan, the company through whom we refinanced, and the company who later purchased the refinanced loan. Am I supposed to enter all 4?</P> Mon, 24 Feb 2020 23:19:28 GMT https://ttlc.intuit.com/community/home-loans/discussion/mortgage-interest/01/1223483#M698 Ayerzy 2020-02-24T23:19:28Z mortgage interest limited https://ttlc.intuit.com/community/home-loans/discussion/mortgage-interest-limited/01/1222196#M697 <P>My daughter and son in law purchased a new home 12/18/18 for $480,000 with a mortgage of $456,000).&nbsp; Their original home did not sell until 2/28/19 for $450,000 (payoff of mortgage was $370,627).&nbsp; They wouldn't be limited in 2019 to the amount of interest they could claim would they?</P> Mon, 24 Feb 2020 20:50:12 GMT https://ttlc.intuit.com/community/home-loans/discussion/mortgage-interest-limited/01/1222196#M697 1kathygn1 2020-02-24T20:50:12Z Refinancing with a divorce https://ttlc.intuit.com/community/home-loans/discussion/refinancing-with-a-divorce/01/1212394#M692 <P>I refinanced my house in 2019 to get my ex-husband off the loan and to buy him out.&nbsp; I received two 1098 forms.&nbsp; Am I supposed to use both of them or just the one with only my name (the other has both of our names)?</P> Sun, 23 Feb 2020 04:21:51 GMT https://ttlc.intuit.com/community/home-loans/discussion/refinancing-with-a-divorce/01/1212394#M692 martawo 2020-02-23T04:21:51Z
This XML file does not appear to have any style information associated with it. The document tree is shown below.
<rss xmlns:content="http://purl.org/rss/1.0/modules/content/" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:rdf="http://www.w3.org/1999/02/22-rdf-syntax-ns#" xmlns:taxo="http://purl.org/rss/1.0/modules/taxonomy/" version="2.0">
<channel>
<title>Home loans topics</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/02/213
</link>
<description>Home loans topics</description>
<pubDate>Mon, 26 Oct 2020 04:55:19 GMT</pubDate>
<dc:creator>213</dc:creator>
<dc:date>2020-10-26T04:55:19Z</dc:date>
<item>
<title>Capital Gains and Gift of Equity</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/capital-gains-and-gift-of-equity/01/1733801#M1004
</link>
<description>
<P>I know this has been discussed but all the situations I read are all a little different, so U just wanted to ask.&nbsp; We are purchasing my parents second home. Payoff is around 155 to them, its valued in the mid 200's. We wanted to use the gift of equity and purchase it for 185 from them to cover down payment without going over the 30k gift limit. My parents purchased it for 165. Will they need to pay Capital Gains on the 20k difference? Or does it just count as the gift because they're not actually making that money? Any feedback would be appreciated.&nbsp;</P>
</description>
<pubDate>Thu, 15 Oct 2020 15:29:58 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/capital-gains-and-gift-of-equity/01/1733801#M1004
</guid>
<dc:creator>Shaff79</dc:creator>
<dc:date>2020-10-15T15:29:58Z</dc:date>
</item>
<item>
<title>How do I find the land value of my condo?</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/how-do-i-find-the-land-value-of-my-condo/01/1731174#M1001
</link>
<description>
<P>I own a condo in NYC. I believe this is considered real property since it is not a coop (I have a mortgage and pay property taxes directly). I converted this over to rental property last year and TT is asking for the Land Value. The Notice of Property Value from NYC does not mention Land Value anywhere. It only shows:</P><P>&nbsp;</P><P><EM>Market Value, $336,675</EM></P><P><EM>Assessment Percentage, 45%</EM></P><P><EM>Actual Assessed Value, $151,504</EM></P><P><EM>Transitional Assessed Value, $143,779</EM></P><P><EM>Exemption Value, $2,450</EM></P><P><EM>Taxable Value, $141,329&nbsp;&nbsp;</EM></P><P>&nbsp;</P><P><EM>The Market Value of your lot was derived by attributing a portion of the total residential value. This is done by adjusting your percentage interest in the total building to reflect your interest in the residential portion only. Your percentage interest in the building is 0.096%. This percentage is multiplied by 1.735 because the total condominium interests are 100%, but the residential portion is 57.653% (100% / 57.653%). The resulting percentage is multiplied by the total residential value in the building or development to determine the value of your lot.</EM></P><P>&nbsp;</P><P>Meanwhile, my monthly condo statement says my ownership percentage is 0.1489%.&nbsp; I would deeply appreciate it if anyone can help me decipher what to fill in for Land Value in TT as this is very confusing. Thank you.&nbsp;</P><P>&nbsp;</P>
</description>
<pubDate>Sun, 11 Oct 2020 14:41:33 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/how-do-i-find-the-land-value-of-my-condo/01/1731174#M1001
</guid>
<dc:creator>evgirl</dc:creator>
<dc:date>2020-10-11T14:41:33Z</dc:date>
</item>
<item>
<title>
Do I have to pay income tax on 60-day leaseback and if so, can I write off home improvements during those 60 days?
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/do-i-have-to-pay-income-tax-on-60-day-leaseback-and-if-so-can-i-write-off-home-improvements-during/01/1720976#M996
</link>
<description>
<P>My husband and I recently purchased a second home and will continue to maintain our primary residence a few hours away. We only put 10% down on the house and, accordingly, our mortgage stipulates the home cannot be a rental/investment property.<BR />Under the sales contract, we have agreed to let the sellers do a leaseback while they close on their new home (paying us $100/day) and our mortgage company has agreed, with the restriction that it can only be for up to 60 days. I have two questions:<BR />1) Are we required to pay federal income tax on the money we collect during the leaseback period (up to $6k)? Note that the monthly income will exceed our mortgage payment by $900/mo, so it technically is income vs. just covering our mortgage payment.<BR />2) If we are required to pay taxes on that money, are we at least allowed to write off any home improvements while the sellers are there during the leaseback period? For example, the sellers have agreed to let us break ground on a pool while they are staying there, as well as installing a new garage door and painting the exterior of the home.</P>
</description>
<pubDate>Wed, 16 Sep 2020 01:56:28 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/do-i-have-to-pay-income-tax-on-60-day-leaseback-and-if-so-can-i-write-off-home-improvements-during/01/1720976#M996
</guid>
<dc:creator>kimbynj</dc:creator>
<dc:date>2020-09-16T01:56:28Z</dc:date>
</item>
<item>
<title>bankrupt lender</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/bankrupt-lender/01/1720527#M995
</link>
<description>
<P>ditech went bankrupt and need my 1098 from 2018. how can I get a new one issued if the website no longer exists&nbsp;</P>
</description>
<pubDate>Tue, 15 Sep 2020 06:43:58 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/bankrupt-lender/01/1720527#M995
</guid>
<dc:creator>nt2smrt</dc:creator>
<dc:date>2020-09-15T06:43:58Z</dc:date>
</item>
<item>
<title>
If someone refinances their primary residence, may they still gift it to their adult son 2-3 months later without any issue from the lender?
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/if-someone-refinances-their-primary-residence-may-they-still-gift-it-to-their-adult-son-2-3-months/01/1717716#M990
</link>
<description>
<P>&nbsp;</P><P>This is more out of an abundance of caution.</P><P>&nbsp;</P><P>My elderly father, who isn’t doing too well healthwise, is going to refinance his house soon (30yr fixed conventional - house is in California), and then gift it to me.</P><P>&nbsp;</P><P>I understand that lenders stand to lose money if someone refinances a house with them, and then refinances again with someone else within 4-6 months, and that they sometimes even write temporary, perhaps 6 month, prepay penalties into the loan to guard against this.</P><P>&nbsp;</P><P><STRONG>What we’re not clear on is, if he :</STRONG><BR /><FONT color="#800000"><STRONG>Sept 2020: Refinances the house</STRONG></FONT><BR /><FONT color="#800000"><STRONG>Dec 2020: Transfers/gifts the entire house to me. House is primary residence for both of us. <U>I will not refinance the house or assume the loan for at least several years</U>. (We both decided the home may have to be gifted before the end of 2020, instead of passing through inheritance, for reasons beyond the scope of these questions.)</STRONG></FONT></P><P>&nbsp;</P><P><STRONG>... would there usually be anything in a standard refi contract that could complicate the gifting of the house?</STRONG></P><P>&nbsp;</P><P>This probably isn’t relevant, but the house is in his revocable living trust - he is the trustee, I am the beneficiary. We are aware of the tax implications, such as that there is no step-up in cost basis with this gift.</P><P>&nbsp;</P><P>It is my understanding that:<BR />-The Garn-St. Germain act permits parent to child gifts/transfers of a home without the loan being called.<BR />-The home ownership and the financing are two separate things, and that the loan can remain in my father’s name.</P><P>&nbsp;</P><P><STRONG>Our concern is that when a refi lender tries to sell a loan, Fannie May/Freddie Mac might check for a change in ownership of the house since the refi closed, and possibly have an issue if it changed. And if this is true, that refi lenders might write something into their contracts (possibly in fine print somewhere) to discourage the transfer/gift of a home before they are able to sell the loan to Fannie May/Freddie Mac. </STRONG></P><P>&nbsp;</P><P><STRONG>As mentioned earlier, for the case of someone refinancing again within 4-6 months, they actually do sometimes do this. But do they do this for only an ownership change?</STRONG></P><P>&nbsp;</P><P><BR /><FONT color="#0000FF"><STRONG>Our questions are:</STRONG></FONT></P><P><FONT color="#339966"><STRONG>#1 Would the home owner’s insurance company care about any of this? Are they involved in any way which could complicate/prevent this gift?</STRONG></FONT></P><P>&nbsp;</P><P><FONT color="#339966"><STRONG>#2 Most importantly, and the main question: Do lenders sometimes write anything into a refi loan, in California, that the house can not change ownership through gifting for a certain amount of time without penalties? (Again, I understand there may be prepay penalties if the home is refied within 6 months, I am referring only to a change in ownership.)</STRONG></FONT></P><P>&nbsp;</P><P>Our guess is the gift will be fine and without any issue - I’ll take ownership of the house, the loan will remain in his name, and there will be no penalties/issues from the refi lender for the gifting of the house 2-3 months after the refi. We just wanted to verify this before we look further into refinancing.</P><P>&nbsp;</P><P>Thank you.</P><P>&nbsp;</P>
</description>
<pubDate>Tue, 08 Sep 2020 07:42:25 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/if-someone-refinances-their-primary-residence-may-they-still-gift-it-to-their-adult-son-2-3-months/01/1717716#M990
</guid>
<dc:creator>js1_</dc:creator>
<dc:date>2020-09-08T07:42:25Z</dc:date>
</item>
<item>
<title>Refinance - change of primary residence</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/refinance-change-of-primary-residence/01/1713435#M988
</link>
<description>
<P>I have a single family home in Illinois (owned for 17 years) and an apartment in Colorado (temp work assignment).&nbsp; I am going through a refinance on the house in Illinois and the mortgage company wants to change my primary residence to Colorado.&nbsp; Will that impact my EOY taxes?</P><P>&nbsp;</P><P>Thanks.</P>
</description>
<pubDate>Thu, 27 Aug 2020 02:49:01 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/refinance-change-of-primary-residence/01/1713435#M988
</guid>
<dc:creator>langfamilyillinois</dc:creator>
<dc:date>2020-08-27T02:49:01Z</dc:date>
</item>
<item>
<title>Tax deduction</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/tax-deduction/01/1712480#M983
</link>
<description>
<P>My fiancé and I just bought a house and we are trying to prepare for next years taxes and benefits for home ownership. We both own the house and pay the mortgage 50/50. Do we each need to be prepared to show our payments specifically from each of our accounts to prove this or will documentation not be needed? Any help with this would be great!</P>
</description>
<pubDate>Tue, 25 Aug 2020 00:00:04 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/tax-deduction/01/1712480#M983
</guid>
<dc:creator>Soprano1016</dc:creator>
<dc:date>2020-08-25T00:00:04Z</dc:date>
</item>
<item>
<title>Home loans</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/home-loans/01/1711916#M981
</link>
<description>
<P>Where should your credit be before getting a home loan?&nbsp;</P>
</description>
<pubDate>Sun, 23 Aug 2020 06:27:35 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/home-loans/01/1711916#M981
</guid>
<dc:creator>Bryan</dc:creator>
<dc:date>2020-08-23T06:27:35Z</dc:date>
</item>
<item>
<title>2019 CRP,</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/2019-crp/01/1708954#M979
</link>
<description><P>how can get back to up date it</P><P>&nbsp;</P></description>
<pubDate>Sat, 15 Aug 2020 20:40:26 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/2019-crp/01/1708954#M979
</guid>
<dc:creator>greenbaypackes</dc:creator>
<dc:date>2020-08-15T20:40:26Z</dc:date>
</item>
<item>
<title>401k</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/401k/01/1705061#M975
</link>
<description>
<P>Making a withdrawal from the 401k as a down payment will I be taxed on the amount I withdraw&nbsp;</P>
</description>
<pubDate>Thu, 06 Aug 2020 17:28:58 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/401k/01/1705061#M975
</guid>
<dc:creator>Mht1939</dc:creator>
<dc:date>2020-08-06T17:28:58Z</dc:date>
</item>
<item>
<title>rentback/leaseback tax</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/rentback-leaseback-tax/01/1702763#M973
</link>
<description>
<P>Hi all!&nbsp;</P><P>&nbsp;</P><P>In a situation where I'm purchasing a house where the seller will need to remain in the house for bout 90 days after closing.&nbsp;</P><P>&nbsp;</P><P>My question is this, I will have a conventional loan yet I've seen articles suggesting leasebacks over 60 days will be considered an investment residence as opposed to a primary residence. This in turn can change mortgage terms and/or increase the rate given conventional loans backed by Fannie/Freddie require the buyer to occupy within 60 days. Is this accurate?</P><P>&nbsp;</P><P>Also, let's assume this is correct I will likely request under 60 days. But in doing so, what impact does this have on my income tax? Do I report as rental income payments received for the leaseback period? Can I deduct expenses? Assuming the mortgage portion itself of the lease back payment won't be able to be deducted where the interest, taxes and insurance will be thus I would have some income tax hit given the entire amount cant be deducted? Or would this not be treated as rental income given its not for profit purposes? If so, how would I record for income taxes if I was to record at all?&nbsp;</P><P>&nbsp;</P><P>Thanks</P>
</description>
<pubDate>Sun, 02 Aug 2020 17:41:45 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/rentback-leaseback-tax/01/1702763#M973
</guid>
<dc:creator>Jkolisca</dc:creator>
<dc:date>2020-08-02T17:41:45Z</dc:date>
</item>
<item>
<title>Home Equity Loan</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/home-equity-loan/01/1701936#M969
</link>
<description>
<P>In 2019 we used $9,050 to remodel/repair bedroom/bathroom.&nbsp; Where is this entered?</P>
</description>
<pubDate>Fri, 31 Jul 2020 18:33:45 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/home-equity-loan/01/1701936#M969
</guid>
<dc:creator>HypnoKaye0525</dc:creator>
<dc:date>2020-07-31T18:33:45Z</dc:date>
</item>
<item>
<title>
Pay off home or refinance at a lower rate when I retire
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/pay-off-home-or-refinance-at-a-lower-rate-when-i-retire/01/1696615#M967
</link>
<description>
<P>Should I pay off my home or refinance at a lower rate when I retire at age 63 ?</P>
</description>
<pubDate>Tue, 21 Jul 2020 16:59:19 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/pay-off-home-or-refinance-at-a-lower-rate-when-i-retire/01/1696615#M967
</guid>
<dc:creator>Soap</dc:creator>
<dc:date>2020-07-21T16:59:19Z</dc:date>
</item>
<item>
<title>Early withdrawal of Roth IRA for downpayment</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/early-withdrawal-of-roth-ira-for-downpayment/01/1694610#M965
</link>
<description>
<P>I will be making an early withdrawal of $10,000 from my Roth IRA, which was opened in 2008 for a newly built construction home. However, the home won’t be built until Feb 2021. Along the way, I will be adding upgrades to the home where I will have to put a deposit. The deposit will go into the escrow account and count towards the down payment. I know there’s a rule of spending the withdrawal amount within 120 days. All the upgrades/deposits will be within 120 days. Does this fall in line with purchasing a new home? Thanks</P>
</description>
<pubDate>Fri, 17 Jul 2020 23:33:08 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/early-withdrawal-of-roth-ira-for-downpayment/01/1694610#M965
</guid>
<dc:creator>Todiep83</dc:creator>
<dc:date>2020-07-17T23:33:08Z</dc:date>
</item>
<item>
<title>
my returns rejected, do to last years AGI was wrong . Any idea where I can fine this ? my taxes didn't print last year so how do I find it to resubmit it
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/my-returns-rejected-do-to-last-years-agi-was-wrong-any-idea-where-i-can-fine-this-my-taxes-didn-t/01/1691941#M962
</link>
<description/>
<pubDate>Thu, 16 Jul 2020 04:37:05 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/my-returns-rejected-do-to-last-years-agi-was-wrong-any-idea-where-i-can-fine-this-my-taxes-didn-t/01/1691941#M962
</guid>
<dc:creator>packer546</dc:creator>
<dc:date>2020-07-16T04:37:05Z</dc:date>
</item>
<item>
<title>Mortgage Interest Deduction</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/mortgage-interest-deduction/01/1678715#M958
</link>
<description>
<P>My husband and I file as "Married filing separately". We did not own a home from January 1 - July 8, 2019. However, we purchased a home on 07/09/19 and took out a mortgage with lender #1 exceeding $600k. This loan was then sold to lender # 2 on 10/18/19. The outstanding balance with lender #2 as of 12/31/19 was $596k.&nbsp;</P><P>&nbsp;</P><P>Note: The mortgage is solely in my husband's name. Is his mortgage interest deduction limited to only the first $350k of the mortgage even though I cannot claim anything related to the property on my tax return?</P>
</description>
<pubDate>Tue, 14 Jul 2020 05:01:10 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/mortgage-interest-deduction/01/1678715#M958
</guid>
<dc:creator>stefholmes</dc:creator>
<dc:date>2020-07-14T05:01:10Z</dc:date>
</item>
<item>
<title>!098</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/098/01/1677835#M957
</link>
<description>
<P>I entered the amount listed on the 1098 but it won't let me proceed&nbsp;</P>
</description>
<pubDate>Tue, 14 Jul 2020 01:12:52 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/098/01/1677835#M957
</guid>
<dc:creator>MSG6</dc:creator>
<dc:date>2020-07-14T01:12:52Z</dc:date>
</item>
<item>
<title>Im full time motorhome can I deduct loan interst</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/im-full-time-motorhome-can-i-deduct-loan-interst/01/1677229#M956
</link>
<description/>
<pubDate>Mon, 13 Jul 2020 23:03:09 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/im-full-time-motorhome-can-i-deduct-loan-interst/01/1677229#M956
</guid>
<dc:creator>e-7hallret</dc:creator>
<dc:date>2020-07-13T23:03:09Z</dc:date>
</item>
<item>
<title>
how can i correctly enter deductible closing costs not listed on 1098
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/how-can-i-correctly-enter-deductible-closing-costs-not-listed-on-1098/01/1674604#M954
</link>
<description>
<P>how/where can closing costs that are deductible as itemized, be entered from closing disclosure or hud correctly if not listed on 1098? i read other Q&amp;As that seem to contradict each other..? some say add to amounts to 1098, some say create additional 1098..? thank you in advance!</P>
</description>
<pubDate>Mon, 13 Jul 2020 08:13:36 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/how-can-i-correctly-enter-deductible-closing-costs-not-listed-on-1098/01/1674604#M954
</guid>
<dc:creator>daa</dc:creator>
<dc:date>2020-07-13T08:13:36Z</dc:date>
</item>
<item>
<title>1098</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/1098/01/1673320#M953
</link>
<description>
<P>My mortgage lender was changed. I received 1098’s from both lenders. Which one should I use?</P>
</description>
<pubDate>Sun, 12 Jul 2020 22:26:53 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/1098/01/1673320#M953
</guid>
<dc:creator>Ffdmom</dc:creator>
<dc:date>2020-07-12T22:26:53Z</dc:date>
</item>
<item>
<title>Mortgage Interest on Time Share Property</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/mortgage-interest-on-time-share-property/01/1672205#M952
</link>
<description>
<P>My husband and I bought into a time share in 2019.&nbsp; We received a 1098 form.&nbsp; In box 8 of the form it says "Vacation Ownership Interest."&nbsp; I'm assuming that means it is secured.&nbsp; This also shows up under the info for our regular home loan and home equity loan.&nbsp; I wanted to make sure I don't list this separately some how.</P>
</description>
<pubDate>Sun, 12 Jul 2020 17:34:01 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/mortgage-interest-on-time-share-property/01/1672205#M952
</guid>
<dc:creator>nursekatt</dc:creator>
<dc:date>2020-07-12T17:34:01Z</dc:date>
</item>
<item>
<title>
Interest on Home Equity Loans and Payments for Solar Panels
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/interest-on-home-equity-loans-and-payments-for-solar-panels/01/1665408#M951
</link>
<description>
<P>My husband and I have&nbsp; a home equity loan.&nbsp; Are we allowed to file the interest payments made in 2019?&nbsp; We did not file the payments in 2018.&nbsp; Can we go back and file them now ?&nbsp; &nbsp; Also, we rent solar panels for our home.&nbsp; Under energy, are we allowed to file the yearly rental payments?</P>
</description>
<pubDate>Thu, 09 Jul 2020 15:35:04 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/interest-on-home-equity-loans-and-payments-for-solar-panels/01/1665408#M951
</guid>
<dc:creator>joanglo</dc:creator>
<dc:date>2020-07-09T15:35:04Z</dc:date>
</item>
<item>
<title>
My husband and I have a home equity are we able to claim the interest on this loan? Also we rent solar panels. Are we able to claim the yearly cost for the solar panels?lar that we have interest to claim
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/my-husband-and-i-have-a-home-equity-are-we-able-to-claim-the-interest-on-this-loan-also-we-rent/01/1665393#M950
</link>
<description/>
<pubDate>Thu, 09 Jul 2020 15:26:14 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/my-husband-and-i-have-a-home-equity-are-we-able-to-claim-the-interest-on-this-loan-also-we-rent/01/1665393#M950
</guid>
<dc:creator>joanglo</dc:creator>
<dc:date>2020-07-09T15:26:14Z</dc:date>
</item>
<item>
<title>New Home Loan</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/new-home-loan/01/1662456#M947
</link>
<description>
<P>What closing costs can be deducted besides prepaid interest and prorated taxes?&nbsp;</P>
</description>
<pubDate>Tue, 07 Jul 2020 23:10:32 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/new-home-loan/01/1662456#M947
</guid>
<dc:creator>Quotidian1</dc:creator>
<dc:date>2020-07-07T23:10:32Z</dc:date>
</item>
<item>
<title>RV Loan Interest Deduction</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/rv-loan-interest-deduction/01/1662310#M946
</link>
<description>
<P>I have interest to deduct for an RV loan (the RV qualifies as a second home. Turbo Tax requires a principal balance amount be entered, but the loan was paid off in 2019. The software will not accept a balance of zero. How do I get past this required field to finish my taxes?</P>
</description>
<pubDate>Tue, 07 Jul 2020 21:53:50 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/rv-loan-interest-deduction/01/1662310#M946
</guid>
<dc:creator>Amy B</dc:creator>
<dc:date>2020-07-07T21:53:50Z</dc:date>
</item>
<item>
<title>Refinance</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/refinance/01/1661843#M942
</link>
<description>
<P>Should I pay closing costs up front to receive a lower rate/APR or not?</P>
</description>
<pubDate>Tue, 07 Jul 2020 19:05:57 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/refinance/01/1661843#M942
</guid>
<dc:creator>johnsonhee</dc:creator>
<dc:date>2020-07-07T19:05:57Z</dc:date>
</item>
<item>
<title>
The home mortgage interest from form 1098 does not transfer onto line 10 of the NY IT-196. What can be done?
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/the-home-mortgage-interest-from-form-1098-does-not-transfer-onto-line-10-of-the-ny-it-196-what-can/01/1660090#M941
</link>
<description/>
<pubDate>Mon, 06 Jul 2020 20:59:18 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/the-home-mortgage-interest-from-form-1098-does-not-transfer-onto-line-10-of-the-ny-it-196-what-can/01/1660090#M941
</guid>
<dc:creator>Franc2me</dc:creator>
<dc:date>2020-07-06T20:59:18Z</dc:date>
</item>
<item>
<title>Mortgage Int/point lim</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/mortgage-int-point-lim/01/1658754#M940
</link>
<description>
<P>After I finish the taxes, the software finds one error... that Mortgage Int/point should be listed.</P><P>Up to this point of error, I owe federal taxes for 2000.&nbsp;</P><P>A bit of back ground.&nbsp; in my 1098 deductions, i have three items.</P><P>1. Original mortgage. 340000</P><P>2. Home equity 225000</P><P>3. Refinance mortgage 690000</P><P>For " Does you interest need to be limited"... "YES" is already marked.&nbsp; If I put 0 on the point (as I have no point for any of the above) my taxes go up to 5500 owed!</P><P>Am I right to say that it adds the three mortgages and they add up to 1255000 thus the yes on my "does your mortgage interest need to be limited since above 750000.</P><P>&nbsp;</P><P>However.&nbsp; I had a mortgage for 340000 + Home Eq for 225000.&nbsp;</P><P>later in the year, we refinanced both and got a new mortgage for 690000.&nbsp; So overall.. there is one mortgage for 690000.&nbsp; I changed the answer from Yes to No on "does your mortgage interest needs to be limited" since our mortgage is less than 750000 and at no point it has been over 690000.&nbsp;</P><P>&nbsp;</P><P>Am I right to change the answer to NO.&nbsp;</P><P>&nbsp;</P><P>thanks</P><P>&nbsp;</P><P>&nbsp;</P><P>&nbsp;</P><P>&nbsp;</P><P>&nbsp;</P><P>&nbsp;</P>
</description>
<pubDate>Mon, 06 Jul 2020 03:33:26 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/mortgage-int-point-lim/01/1658754#M940
</guid>
<dc:creator>hahari</dc:creator>
<dc:date>2020-07-06T03:33:26Z</dc:date>
</item>
<item>
<title>1098</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/1098/01/1657855#M939
</link>
<description>
<P>I entered the wrong amount for the outstanding mortgage principal, how can I change it</P>
</description>
<pubDate>Sun, 05 Jul 2020 17:55:06 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/1098/01/1657855#M939
</guid>
<dc:creator>macdknife</dc:creator>
<dc:date>2020-07-05T17:55:06Z</dc:date>
</item>
<item>
<title>
how to report sale of home on short term self financing
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/how-to-report-sale-of-home-on-short-term-self-financing/01/1651156#M938
</link>
<description>
<P>I sold my home as is for a total of $30,000 in 2019.</P><P>&nbsp;</P><P>I accepted $10,000 down and financed the remaining balance at $500 per month which began on June 1, 2019. &nbsp;so for 2019 they paid a total of $13,500 and they will pay a total of &nbsp;$6,000 for 2020, $6,000 for 2021 and finally they will pay the remaining $4,500 in 2022.</P><P>&nbsp;</P><P>This is the first and only home I owned with my diseased husband and the first and only home I've ever sold. &nbsp;All of the proceeds I have from this sale is being applied to the purchase of the home I purchased in 2019 with my current husband which we are purchasing which cost $255,000. &nbsp;</P><P>&nbsp;</P><P>How do I report? &nbsp;Since this is the first and only home I and my first husband owned, can this be my tax free sale of a home? &nbsp;Or since all of the proceeds are needed to roll over to pay for my current home does that eliminate the tax burden?</P><P>&nbsp;</P><P>Please advise.</P><P>&nbsp;</P><P>Thank you for your help. &nbsp;&nbsp;</P><P>&nbsp;</P>
</description>
<pubDate>Tue, 30 Jun 2020 01:13:09 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/how-to-report-sale-of-home-on-short-term-self-financing/01/1651156#M938
</guid>
<dc:creator>kathyahowell</dc:creator>
<dc:date>2020-06-30T01:13:09Z</dc:date>
</item>
<item>
<title>Unable to connect & import from Cenlar</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/unable-to-connect-import-from-cenlar/01/1642498#M935
</link>
<description>
<P>I'm unable to connect and import from Cenlar (Central Loan Administration &amp; Reporting). I'm trying to import Form-1098 &amp; Form-1099-INT.</P><P>I'm using the Turbotax Premier Download Mac version. I provided the right login information and the TurboTax asked the right challenge question too. After providing the answer to the challenge question, the Turbo tax tried to establish a secure connection and failed.&nbsp; Can someone please help me out?&nbsp;</P><P>&nbsp;</P><P>I'm getting the following error message:</P><P>&nbsp; &nbsp; &nbsp; This import was Unsuccessful.</P><P class="p1">&nbsp; &nbsp; &nbsp; No problem - we'll help you enter the information and continue with your return.</P>
</description>
<pubDate>Mon, 22 Jun 2020 16:38:51 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/unable-to-connect-import-from-cenlar/01/1642498#M935
</guid>
<dc:creator>KRK</dc:creator>
<dc:date>2020-06-22T16:38:51Z</dc:date>
</item>
<item>
<title>Mortgage Deduction not being allowed</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/mortgage-deduction-not-being-allowed/01/1641595#M932
</link>
<description>
<P>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)</P><P>* The loans total $646,000</P><P>* I checked the box "Is this loan secured by a property of yours" for both loans</P><P>&nbsp;</P><P>What am I missing ?</P><P>&nbsp;</P><P>Thanks!</P>
</description>
<pubDate>Sun, 21 Jun 2020 18:19:50 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/mortgage-deduction-not-being-allowed/01/1641595#M932
</guid>
<dc:creator>jeff_m</dc:creator>
<dc:date>2020-06-21T18:19:50Z</dc:date>
</item>
<item>
<title>Re.. 1st time buyer no credit</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-1st-time-buyer-no-credit/01/1633131#M931
</link>
<description>
<P>Hi I would like to apply for a loan to purchase a camper trailer or 5th wheel to live in for me and my mother. &nbsp;Our mobile home is falling apart it’s so bad the rats and possums are in the walls . It’s to much work we don’t have floors or a shower sink kitchen or anything ! My mom has dementia and is hard to handle most the time I wish I could make it comfortable and safe&nbsp;</P>
</description>
<pubDate>Sun, 14 Jun 2020 12:11:34 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-1st-time-buyer-no-credit/01/1633131#M931
</guid>
<dc:creator>Carrielees2019</dc:creator>
<dc:date>2020-06-14T12:11:34Z</dc:date>
</item>
<item>
<title>
Cashout Refinance on Primary residence to buy Rental Property - supporting documents and how to file tax
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/cashout-refinance-on-primary-residence-to-buy-rental-property-supporting-documents-and-how-to-file/01/1629158#M928
</link>
<description>
<DIV class="lia-message-body lia-component-message-view-widget-body lia-component-body-signature-highlight-escalation lia-component-message-view-widget-body-signature-highlight-escalation"><DIV class="lia-message-body-content"><P>Hi, I have zero mortgage balance on my ~$750k worth primary residence.&nbsp; I am planning to do a cash-out refinance of ~300k on my primary residence, and use the entire money to purchase a rental/investment property.&nbsp; I understand that I can deduct the mortgage interest of the cash-out refinance loan on the Schedule E form, and use the mortgage interest against the rental income - i.e., if I follow the "tracing rules" to trace the flow of money from the cash-out re-fi to buy the rental property.&nbsp; I&nbsp; also understand that I need to buy the rental property within a few days of the cash-out re-fi, and make sure not to commingle the money with other personal funds (i.e., use a separate checking account).</P><P>&nbsp;</P><P>My question is, when I file tax, do I need to submit documents showing tracing of the money?&nbsp; Do I add any statement, saying that I used cash-out re-fi money from my primary residence to buy the rental?&nbsp; Or do I simply use Turb-tax to file my returns, and in case I get audited I submit the documents to the IRS?</P><P>&nbsp;</P><P>Also, when I use TurboTax to file returns, there is a question in the rental expenditure section that asks if/how much I paid in mortgage interest for loan for the rental property.&nbsp; There I provide the cash-out re-fi interest on my primary residence, right?&nbsp; Any suggestion on how I actually provide the cash-out re-fi information while filing taxes would be really helpful.</P><P>&nbsp;</P><P>Thanks a bunch!</P></DIV></DIV>
</description>
<pubDate>Wed, 10 Jun 2020 23:30:54 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/cashout-refinance-on-primary-residence-to-buy-rental-property-supporting-documents-and-how-to-file/01/1629158#M928
</guid>
<dc:creator>ayanep</dc:creator>
<dc:date>2020-06-10T23:30:54Z</dc:date>
</item>
<item>
<title>Mortgage refinance</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/mortgage-refinance/01/1629016#M927
</link>
<description>
<P>I own an owner occupied investment property. I started the refinance in 2019 and didn't close until early 2020.&nbsp; So should I file the refinance as a 2019 return or wait until next year to file?&nbsp; And on the&nbsp; settlement statement, I saw pre-paid interest covered both 2019 and 2020. Can I write off&nbsp; interest on those 2019 portion this year? If so, where do I enter them on TurboTax Home &amp; Business?</P><P>&nbsp;</P><P>Thanks for your help!</P>
</description>
<pubDate>Wed, 10 Jun 2020 21:43:13 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/mortgage-refinance/01/1629016#M927
</guid>
<dc:creator>yosemite sam</dc:creator>
<dc:date>2020-06-10T21:43:13Z</dc:date>
</item>
<item>
<title>Va home loan</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/va-home-loan/01/1626023#M921
</link>
<description>
<P>How do access my va benefits to use my ba home loan</P>
</description>
<pubDate>Mon, 08 Jun 2020 18:55:20 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/va-home-loan/01/1626023#M921
</guid>
<dc:creator>Splifford77</dc:creator>
<dc:date>2020-06-08T18:55:20Z</dc:date>
</item>
<item>
<title>mortgage interest on a dwelling</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/mortgage-interest-on-a-dwelling/01/1620696#M919
</link>
<description>
<P>We have recently "rented" a portion of our home to our special needs son. The sched E worksheet looks correct based on percentage&nbsp; - however when I review the return the mortgage interest is double (ie looks like we are paying $17k, but we are not. How can I correct this? I'm real confused.&nbsp;</P>
</description>
<pubDate>Thu, 04 Jun 2020 00:33:58 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/mortgage-interest-on-a-dwelling/01/1620696#M919
</guid>
<dc:creator>hskrgrl0605</dc:creator>
<dc:date>2020-06-04T00:33:58Z</dc:date>
</item>
<item>
<title>Down Payment</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/down-payment/01/1615633#M917
</link>
<description>
<P>Do my husband and I need a down payment? We would like to purchase a home and both of our credit scores are over 700. Is it truly necessary to have a down payment?</P>
</description>
<pubDate>Sun, 31 May 2020 20:46:09 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/down-payment/01/1615633#M917
</guid>
<dc:creator>Secollins23</dc:creator>
<dc:date>2020-05-31T20:46:09Z</dc:date>
</item>
<item>
<title>Mortgage Interest adjusted</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/mortgage-interest-adjusted/01/1605663#M915
</link>
<description>
<P>I have a mortgage secured in 2019 and less than $750k. I am answering the question 'no, none of these apply to me' and when I hit continue the program automatically adjusts the answer to 'yes, one or both of these situations applies to me'. &nbsp;When I review the deductions the program has also reduced the property tax. I am itemizing and not taking the standard deduction. Why is the program automatically updating this response?&nbsp;</P>
</description>
<pubDate>Mon, 25 May 2020 04:38:03 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/mortgage-interest-adjusted/01/1605663#M915
</guid>
<dc:creator>kchan</dc:creator>
<dc:date>2020-05-25T04:38:03Z</dc:date>
</item>
<item>
<title>Buying property</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/buying-property/01/1604855#M914
</link>
<description>
<P>I want to buy the perperty I have my mobile home on but I don’t know what kind of loan to apply for I’m thinking the loan only needs to be for 25000.. and I was wanting to know how much I should have for the down payment&nbsp;</P>
</description>
<pubDate>Sun, 24 May 2020 17:57:50 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/buying-property/01/1604855#M914
</guid>
<dc:creator>Jodyjodevore1</dc:creator>
<dc:date>2020-05-24T17:57:50Z</dc:date>
</item>
<item>
<title>Previous tax documents</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/previous-tax-documents/01/1598262#M909
</link>
<description><P>How can I view 2017 tax copies?</P></description>
<pubDate>Wed, 20 May 2020 05:06:22 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/previous-tax-documents/01/1598262#M909
</guid>
<dc:creator>Pinklebot</dc:creator>
<dc:date>2020-05-20T05:06:22Z</dc:date>
</item>
<item>
<title>Mortgage Co-Borrower and Gifting</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/mortgage-co-borrower-and-gifting/01/1591765#M906
</link>
<description>
<P>My mother owns the house my fiance and I currently live in. We (the three of us) would like to sell the home and my mother wants to use the profits as a down payment on our new home; she will be the third co-borrower/ a non-occupying borrower.</P><P>&nbsp;</P><P>Would the down payment used for the new home still be considered a Gift from my mom or because she is listed as a co-borrower, there would not need to be a "formal" signing over of a Gift for tax purposes and it would just be a normal down payment on a home?</P><P>&nbsp;</P><P>&nbsp;</P><P>Thank you!</P><P>&nbsp;</P>
</description>
<pubDate>Sat, 16 May 2020 17:59:59 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/mortgage-co-borrower-and-gifting/01/1591765#M906
</guid>
<dc:creator>MC_2016</dc:creator>
<dc:date>2020-05-16T17:59:59Z</dc:date>
</item>
<item>
<title>2018 PMI Deduction</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/2018-pmi-deduction/01/1587659#M905
</link>
<description>
<P>Why turbotax is not adding my 2018 PMI deduction? I'm trying to amend but TurboTax is not calculating my deduction. My jointly AGI is under 100.000, it is my first home, first mortgage.</P>
</description>
<pubDate>Thu, 14 May 2020 14:49:41 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/2018-pmi-deduction/01/1587659#M905
</guid>
<dc:creator>claudioluaratax0</dc:creator>
<dc:date>2020-05-14T14:49:41Z</dc:date>
</item>
<item>
<title>
Mortgage insurance premium deduction for tax year 2018
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/mortgage-insurance-premium-deduction-for-tax-year-2018/01/1586464#M904
</link>
<description>
How do I amend my 2018 federal taxes to account for the "mortgage insurance premiums"?
</description>
<pubDate>Wed, 13 May 2020 21:15:52 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/mortgage-insurance-premium-deduction-for-tax-year-2018/01/1586464#M904
</guid>
<dc:creator>SPT58</dc:creator>
<dc:date>2020-05-13T21:15:52Z</dc:date>
</item>
<item>
<title>Refinance property tax</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/refinance-property-tax/01/1581746#M901
</link>
<description>
<P>We refinanced home in Dec. 2019 and paid property tax $1,558.00 at closing for 6 months, do I deduct the whole amount on my 2019 taxes or just one month?</P>
</description>
<pubDate>Mon, 11 May 2020 18:28:48 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/refinance-property-tax/01/1581746#M901
</guid>
<dc:creator>silasnic43</dc:creator>
<dc:date>2020-05-11T18:28:48Z</dc:date>
</item>
<item>
<title>home loan</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/home-loan/01/1580583#M900
</link>
<description>
<P>I need to know if I can purchase a new home in the next 6 months or so.</P>
</description>
<pubDate>Mon, 11 May 2020 01:51:54 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/home-loan/01/1580583#M900
</guid>
<dc:creator>rmonell58</dc:creator>
<dc:date>2020-05-11T01:51:54Z</dc:date>
</item>
<item>
<title>Home loan or HELOC</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/home-loan-or-heloc/01/1574703#M897
</link>
<description>
<P>With regards to below explanation I read on another post, please explain how you would even show that the funds were used to buy or build your primary home? Besides answering the question in turbo tax how does anyone know how you used the money?</P><P>&nbsp;</P><UL><LI><STRONG><EM>In most cases, you can deduct your interest. How much you can deduct depends on the date of the loan, the amount of the loan, and how you use the loan proceeds.</EM></STRONG></LI></UL><P>&nbsp;</P><P>&nbsp;</P>
</description>
<pubDate>Fri, 08 May 2020 03:38:42 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/home-loan-or-heloc/01/1574703#M897
</guid>
<dc:creator>vze56v6x</dc:creator>
<dc:date>2020-05-08T03:38:42Z</dc:date>
</item>
<item>
<title>Down Payment as a gift from non-US resident</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/down-payment-as-a-gift-from-non-us-resident/01/1552376#M890
</link>
<description>
<P>My question actually comes in 2 parts:</P><P>&nbsp;</P><P>1) My parents live abroad and are not US citizens or Green Card holders. They would like to support a down payment for our house, but due to annual gifting limitations in their home country, they will not be able to wire enough for the down payment if they wire the money directly to me. My mom does have a US checking account, so my parents are thinking of wiring the down payment to my mom's US account first, then her transferring the amount to me after it's deposited into her US account.</P><P>&nbsp;</P><P>Is there any limitation to how much a foreigner can deposit into a US account? And I'm assuming that there's no reporting requirements because she doesn't live in the US and doesn't have tax filing obligations here.</P><P>&nbsp;</P><P>2) Assuming the first part goes well and my mom is able to transfer the money to my account, is this gift subject to taxes (it will go over the exclusion amount) if it's coming from a foreigner? I am aware that I will have to report anything over $100k, but am not sure if there are any other requirements there.</P><P>&nbsp;</P><P>Thanks in advance!</P>
</description>
<pubDate>Thu, 30 Apr 2020 03:39:54 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/down-payment-as-a-gift-from-non-us-resident/01/1552376#M890
</guid>
<dc:creator>priss88c</dc:creator>
<dc:date>2020-04-30T03:39:54Z</dc:date>
</item>
<item>
<title>Is Mortgage interest tax deductable?</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/is-mortgage-interest-tax-deductable/01/1541326#M884
</link>
<description>
<P>Homeowners who are still paying mortgage for their current home, would the mortgage interest payment tax deductible?&nbsp; If so, what are the procedures and forms needed?&nbsp; Thanks</P>
</description>
<pubDate>Mon, 27 Apr 2020 03:37:42 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/is-mortgage-interest-tax-deductable/01/1541326#M884
</guid>
<dc:creator>wyow99</dc:creator>
<dc:date>2020-04-27T03:37:42Z</dc:date>
</item>
<item>
<title>Cash home purchase then got a mortgage</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/cash-home-purchase-then-got-a-mortgage/01/1539948#M882
</link>
<description>
<P>We purchased our home with cash we borrowed from our retirement. We then took out a mortgage to pay back our retirement. Does that count as an original loan for buying our home?</P>
</description>
<pubDate>Sun, 26 Apr 2020 20:06:51 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/cash-home-purchase-then-got-a-mortgage/01/1539948#M882
</guid>
<dc:creator>Dorothea</dc:creator>
<dc:date>2020-04-26T20:06:51Z</dc:date>
</item>
<item>
<title>
Refinance loan with points, used to renovate immediately sold to another lender
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/refinance-loan-with-points-used-to-renovate-immediately-sold-to-another-lender/01/1538028#M877
</link>
<description>
<P>I refinanced my home and got extra to renovate.&nbsp; I paid $5900 points.&nbsp; Within a week it was sold to another lender.&nbsp; Turbo tax told me in the help section that under those conditions I deduct the entire amount rather than amortize.&nbsp; The points are reported on the 1098 form.&nbsp; They are not on the company which bought it.&nbsp; The only way to put enter the amount was to declare it as a new loan.&nbsp; Is this ok?&nbsp; Is there another way?</P>
</description>
<pubDate>Sun, 26 Apr 2020 06:57:30 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/refinance-loan-with-points-used-to-renovate-immediately-sold-to-another-lender/01/1538028#M877
</guid>
<dc:creator>MoreDisgusted</dc:creator>
<dc:date>2020-04-26T06:57:30Z</dc:date>
</item>
<item>
<title>Tax on selling a Car</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/tax-on-selling-a-car/01/1533233#M870
</link>
<description>
<P>Hello,</P><P>I purchased a Car in 2017 . I am planning to sell it now. Do I need to pay taxes on the selling Price.</P>
</description>
<pubDate>Fri, 24 Apr 2020 23:48:05 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/tax-on-selling-a-car/01/1533233#M870
</guid>
<dc:creator>yashK</dc:creator>
<dc:date>2020-04-24T23:48:05Z</dc:date>
</item>
<item>
<title>Home loans interest and points</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/home-loans-interest-and-points/01/1527581#M869
</link>
<description>
<P>loan balance exceeds home loan $474,833.72 12/14/2012 sold 8/5/ 2019 Int of $9838.52 New loan $740,043 9/5/2019 pts $8325 Acquired loan $740,043 10/23/2019 int $6465.&nbsp; It is asking if one or both apply for either going over the $750 limit for this year and under the 1M for the old loan.&nbsp; Do neither apply since we are under the 1M for the first and it is sold, the second with the points and interest puts it over so do we not claim the interest.&nbsp; At a loss for what to do</P>
</description>
<pubDate>Thu, 23 Apr 2020 16:54:29 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/home-loans-interest-and-points/01/1527581#M869
</guid>
<dc:creator>disneycruiser</dc:creator>
<dc:date>2020-04-23T16:54:29Z</dc:date>
</item>
<item>
<title>Continue processing my 2018 tax return</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/continue-processing-my-2018-tax-return/01/1510796#M866
</link>
<description/>
<pubDate>Sun, 19 Apr 2020 15:27:54 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/continue-processing-my-2018-tax-return/01/1510796#M866
</guid>
<dc:creator>Dlynn17</dc:creator>
<dc:date>2020-04-19T15:27:54Z</dc:date>
</item>
<item>
<title>Refinance</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/refinance/01/1505291#M863
</link>
<description>
<P>I refinanced my home loan it was less than $700000 but I continue to get the default as a refi for over a million when the original loan was taken out in 2008.&nbsp; Why is Turbo tax defaulting making my loan appear to be over a million?</P>
</description>
<pubDate>Sat, 18 Apr 2020 03:06:14 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/refinance/01/1505291#M863
</guid>
<dc:creator>Journet Prater</dc:creator>
<dc:date>2020-04-18T03:06:14Z</dc:date>
</item>
<item>
<title>
where do I enter my 2019 downpayment an closing costs for a home I bought in 2019
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/where-do-i-enter-my-2019-downpayment-an-closing-costs-for-a-home-i-bought-in-2019/01/1503892#M861
</link>
<description>
<P>where do I enter my 2019 downpayment an closing costs for a home I bought in 2019</P>
</description>
<pubDate>Fri, 17 Apr 2020 22:28:58 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/where-do-i-enter-my-2019-downpayment-an-closing-costs-for-a-home-i-bought-in-2019/01/1503892#M861
</guid>
<dc:creator>luminousjewel</dc:creator>
<dc:date>2020-04-17T22:28:58Z</dc:date>
</item>
<item>
<title>Hurricane Michael unreimbursed expense</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/hurricane-michael-unreimbursed-expense/01/1500802#M860
</link>
<description>
<P>Have a large amount of unreimbursed hurricane expenses not covered by Insurance &nbsp;Can I deduct them and how?</P>
</description>
<pubDate>Fri, 17 Apr 2020 16:05:58 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/hurricane-michael-unreimbursed-expense/01/1500802#M860
</guid>
<dc:creator>Peach1</dc:creator>
<dc:date>2020-04-17T16:05:58Z</dc:date>
</item>
<item>
<title>Is there a limit to gift of equity?</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/is-there-a-limit-to-gift-of-equity/01/1493105#M852
</link>
<description>
My husband and I have been living in his cousins house. We just pay his mortgage note and we were planning to put it in our name after. Well, there is only about $60,000 left to pay on the house and that is all his cousin would require us to buy it from him for. However, the house is appraised at about $110,000. Could his cousin give us $50,000 gift of equity and us put that as a down payment on the $60,000 loan leaving us only $10,000 to pay?
</description>
<pubDate>Thu, 16 Apr 2020 17:54:26 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/is-there-a-limit-to-gift-of-equity/01/1493105#M852
</guid>
<dc:creator>Alexius 2000</dc:creator>
<dc:date>2020-04-16T17:54:26Z</dc:date>
</item>
<item>
<title>Divorced in 2019, do I claim home loans?</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/divorced-in-2019-do-i-claim-home-loans/01/1487916#M850
</link>
<description>
<P>I was divorced in 2019, ex bought me out of my portion of the house and refinanced into his name.&nbsp; Do I still claim that I paid against a home loan since I lived there for half of the year? &nbsp;</P>
</description>
<pubDate>Thu, 16 Apr 2020 02:52:32 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/divorced-in-2019-do-i-claim-home-loans/01/1487916#M850
</guid>
<dc:creator>cassc</dc:creator>
<dc:date>2020-04-16T02:52:32Z</dc:date>
</item>
<item>
<title>Loss on walk away from LLC</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/loss-on-walk-away-from-llc/01/1482382#M848
</link>
<description>
<P>I have a "Flip" residential property which we had to walk away from in 2019. The house was purchased for $150K in LA under and LLC with Do Hard Money a Utah based LLC, as the other member. The remodel was was completed with ~$52k of rehab as part of the original loan. Owner equity is about $51K as we added our own money to the project to complete all the work.</P><P>&nbsp;</P><P>The project was completed and listed for sale where it sat for months unsold. Rather then continuing to dump more money into this to carry the property (mortgage etc..) we had to walk away from the LLC and give it all back to Do Hard money under a forbearance agreement, so they now own the property 100% as we gave up our interest in the LLC.&nbsp;</P><P>The property was treated as inventory for a flip and normally I would just treat it as a sale in my quickbooks accounting. But Im not sure how to treat walking away from our interest in this company in quick books and then Turbo tax. Can you provide some basic guidelines on how to best capture all of these losses.</P>
</description>
<pubDate>Wed, 15 Apr 2020 19:47:03 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/loss-on-walk-away-from-llc/01/1482382#M848
</guid>
<dc:creator>B2ca</dc:creator>
<dc:date>2020-04-15T19:47:03Z</dc:date>
</item>
<item>
<title>How to enter a Refinanced Mortgage in TurboTax?</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/how-to-enter-a-refinanced-mortgage-in-turbotax/01/1470522#M846
</link>
<description>
<P>So we had an existing mortgage with lender A.&nbsp; In April 2019 we refinanced with Lender B, and took cash out (to pay other debts).&nbsp; After one month, Lender B sold the Loan to Lender C.</P><P>&nbsp;</P><P>When entering the 1098 for the refinanced loan with Lender B, do I check the box that this load was paid off in 2019?&nbsp; It also asks when the last payment was.&nbsp; Is that the date of the one payment we made to Lender B, or the date Lender C assumed the loan?</P><P>&nbsp;</P><P>When I enter the 1098 for Lender C, do I call it another refinance and do I repeat the exact entries I used for Lender B regarding the portion of the loan amount used for the house itself?</P><P>&nbsp;</P><P>Very confusing!</P>
</description>
<pubDate>Tue, 14 Apr 2020 23:35:37 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/how-to-enter-a-refinanced-mortgage-in-turbotax/01/1470522#M846
</guid>
<dc:creator>PBiz3</dc:creator>
<dc:date>2020-04-14T23:35:37Z</dc:date>
</item>
<item>
<title>
Which is better, to pay out of pocket or get a loan?
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/which-is-better-to-pay-out-of-pocket-or-get-a-loan/01/1470493#M845
</link>
<description>
<P>I want to buy a property back in my hometown. The cost will be between $35,000-$45,000. Should I get a loan, or should I pay for the property out of pocket?</P><P>&nbsp;</P><P>If I use all of my liquid money (savings/checking accounts) I could come up with the total. However, is that a smart decision? If I do that, I will only have about $5,000 left for emergencies.</P><P>&nbsp;</P><P>If I get a loan, I would still have access to all of my "immediate" money. I could have flexibility if something catastrophic/unplanned were to happen. I hate the thought of having debt, and I have always avoided loans/borrowing. But a big part of avoiding debt has been making sure that I have plenty of "emergency money" on hand. Also, I have never gotten a loan before, and I've heard that could help improve my credit score (current: 782).&nbsp;&nbsp;</P><P>&nbsp;</P><P>This property is just something that I want. The buildings are ancient and would require tons of work before they would be safe to do anything with. I want to buy it and begin fixing it up. Eventually when I retire, I would like to go back home and have everything set.</P><P>&nbsp;</P><P>I am an extremely financially responsible person. I have a career earning $60k + annually. No debt. I have a Roth IRA and an investment account. (neither will be touched for this purchase) I have a retirement plan through work as well. No kids.</P><P>&nbsp;</P><P>What would be the most responsible way to move forward? Thank you in advance for your advice.&nbsp;</P>
</description>
<pubDate>Tue, 14 Apr 2020 23:31:27 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/which-is-better-to-pay-out-of-pocket-or-get-a-loan/01/1470493#M845
</guid>
<dc:creator>Fairlane66</dc:creator>
<dc:date>2020-04-14T23:31:27Z</dc:date>
</item>
<item>
<title>I need a loan to pay bills</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/i-need-a-loan-to-pay-bills/01/1462689#M843
</link>
<description><P>I need $4,000.00</P></description>
<pubDate>Tue, 14 Apr 2020 03:48:15 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/i-need-a-loan-to-pay-bills/01/1462689#M843
</guid>
<dc:creator>jessierayereed</dc:creator>
<dc:date>2020-04-14T03:48:15Z</dc:date>
</item>
<item>
<title>Information for buying a house</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/information-for-buying-a-house/01/1436894#M840
</link>
<description>
<P>Hello,</P><P>I want to know how easy it is to buy a house. I dont know much about mortgages and different types of taxes to be filed after getting a mortgage/house. Those who have gone through the process of buying a house can give some guidelines. What should I look into before buying a house. Lets say if I decide which house I need to buy. Do i need to see any documents from previous owner ? Do i need to involve a housing company ? Does buying a house change my tax filling ? How to know about property taxes ? Do i need to tell government that I have bought a house so that they can send me some tax documents . I would really appreciate if someone can give me step by step process of buying a house</P>
</description>
<pubDate>Fri, 10 Apr 2020 17:17:06 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/information-for-buying-a-house/01/1436894#M840
</guid>
<dc:creator>yashK</dc:creator>
<dc:date>2020-04-10T17:17:06Z</dc:date>
</item>
<item>
<title>
I sold my home last year, got married & moved into my wifes home, how do I submit the interest & taxes for that home?
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/i-sold-my-home-last-year-got-married-moved-into-my-wifes-home-how-do-i-submit-the-interest-taxes-for/01/1421243#M836
</link>
<description/>
<pubDate>Tue, 07 Apr 2020 19:12:30 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/i-sold-my-home-last-year-got-married-moved-into-my-wifes-home-how-do-i-submit-the-interest-taxes-for/01/1421243#M836
</guid>
<dc:creator>Lukeerikasarah</dc:creator>
<dc:date>2020-04-07T19:12:30Z</dc:date>
</item>
<item>
<title>Bankruptcy</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/bankruptcy/01/1418821#M834
</link>
<description>
<P>My current roommate has been struggling to make his mortgage payment for the last year due to an accident that broke his back! However he was in the middle of filing bankruptcy and has gone through the process and even made three payment to it already! However he has not been paid for the last 10wks due to family getting ill being the only parent at home with two daughters who both got sick one after the other fallowed by himself and than just as he was getting back to work the out break of covid 19 became very intense dropping his hours at work and ultimately causing him to not be able to pay on his bankruptcy payment and now he is almost three months past due! Taking him almost to the week of his first daughter getting ill. None of them have been tested for covid 19 as they though it was a simple flu going around at 1st. Than after he got sick we were concerned but never tested, as his daughter recovered he than to recovered and more importantly concerned about just getting back to working! Our concern now is that sense his accident he has been struggling for some time now, YES however due to all of them getting sick one by one and than him and only making it to work to barley cover the food on the table before ultimately having no work due to the stay at home orders have been ordered we are not sure how or if we have any option At all from saving his bankruptcy now after slowly climbing back out of his financial and now losing grip yet again due to this Virus out break?! Please I am not sure if you are able to provide us with ANY KINDA OF INFORMATION ON WHAT OR WHO TO CALL OR WHAT GROUNDS HE MAY HAVE as this family has been through so much and stayed so strong through so many ups and downs and with finally being able to see the light at the end of the dark tunnel they have been traveling down now for sometime and to see that light go out ultimately bc of this COVID-19 virus out break would cause this family to lose so much more than just a house! This is the one place they always felt safe in the one place they always knew they had the comfort of coming home to and after working so hard as a team to keep the house out of foreclosures and finally getting the bankruptcy in order I will never forget the look on there faces the day dad came home with the recipient to the 1st bankrupts payment he made and I don’t think they can handle much more let alone losing everything and having it all slip through there fingers for good this time!!<BR />So please please any information or contact info of who or what to call and try to manage them through ANY OF THIS WOULD BE A GODS BLESSING!!<BR />Thank you so much for your time<BR />my name is<BR />Shelly&nbsp;<BR />and my contact info is<BR />Email: [email address removed]</P>
</description>
<pubDate>Tue, 07 Apr 2020 14:17:54 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/bankruptcy/01/1418821#M834
</guid>
<dc:creator>sbullock1051</dc:creator>
<dc:date>2020-04-07T14:17:54Z</dc:date>
</item>
<item>
<title>Down Payment</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/down-payment/01/1409971#M827
</link>
<description>
<P>I made a down payment to a private seller in 2019 but did not purchase the property until January 2020. Can I deduct that down payment on my 2019 taxes?</P>
</description>
<pubDate>Sun, 05 Apr 2020 17:25:50 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/down-payment/01/1409971#M827
</guid>
<dc:creator>SRF1</dc:creator>
<dc:date>2020-04-05T17:25:50Z</dc:date>
</item>
<item>
<title>purchase home for rental in another state</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/purchase-home-for-rental-in-another-state/01/1401067#M825
</link>
<description/>
<pubDate>Fri, 03 Apr 2020 15:44:22 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/purchase-home-for-rental-in-another-state/01/1401067#M825
</guid>
<dc:creator>99jns</dc:creator>
<dc:date>2020-04-03T15:44:22Z</dc:date>
</item>
<item>
<title>Mortgage Points</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/mortgage-points/01/1389006#M821
</link>
<description>
<P>I helped my daughter buy a home. &nbsp;I paid all points and co-signed on the loan. &nbsp;I wanted to deduct points, but Turbo Tax is treating this as a second home for me and says I must amortize points over life of the loan. &nbsp;Is there a way for me to deduct all the points paid at once?</P>
</description>
<pubDate>Tue, 31 Mar 2020 22:59:13 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/mortgage-points/01/1389006#M821
</guid>
<dc:creator>Sunshine54</dc:creator>
<dc:date>2020-03-31T22:59:13Z</dc:date>
</item>
<item>
<title>interest on home loan</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/interest-on-home-loan/01/1383319#M819
</link>
<description>
<P>when we input our interest and what we pay on&nbsp; our property taxes,&nbsp; it did not move the number amount on the (shows your refund amount) area. so I thought this would be counted as a deduction. the amount was $8,367.00 on interest and $1,994.00 for property taxes.&nbsp;</P>
</description>
<pubDate>Mon, 30 Mar 2020 20:34:54 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/interest-on-home-loan/01/1383319#M819
</guid>
<dc:creator>campingelves</dc:creator>
<dc:date>2020-03-30T20:34:54Z</dc:date>
</item>
<item>
<title>
Federal rejected says I owe on a first time home owners loan..... I don't have a loan. How do I find this loan
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/federal-rejected-says-i-owe-on-a-first-time-home-owners-loan-i-don-t-have-a-loan-how-do-i-find-this/01/1365678#M815
</link>
<description/>
<pubDate>Fri, 27 Mar 2020 02:11:05 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/federal-rejected-says-i-owe-on-a-first-time-home-owners-loan-i-don-t-have-a-loan-how-do-i-find-this/01/1365678#M815
</guid>
<dc:creator>eloypadilla19</dc:creator>
<dc:date>2020-03-27T02:11:05Z</dc:date>
</item>
<item>
<title>
Morgage interest from a newly refinanced reverse mortgage
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/morgage-interest-from-a-newly-refinanced-reverse-mortgage/01/1352857#M810
</link>
<description>
<P>I took out a reverse mortgage that was finalized in December. The HUD mortgage insurance premium that was prepaid was $10.800.00. Where in Turbo Tax can I declare my payment. This was an amount that was on the closing statement. The end of year Reverse Mortgage Statement only lists interest and insurance as an accrued item and does not show paid interest from the closing statement.</P>
</description>
<pubDate>Mon, 23 Mar 2020 23:30:07 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/morgage-interest-from-a-newly-refinanced-reverse-mortgage/01/1352857#M810
</guid>
<dc:creator>jimsk8er</dc:creator>
<dc:date>2020-03-23T23:30:07Z</dc:date>
</item>
<item>
<title>One house, two owners</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/one-house-two-owners/01/1349093#M806
</link>
<description>
<P><FONT>If two siblings buy a house and both are on the title and the mortgage; can they split the interest expense each year, or do they have to take turns on who gets the deduction? The 1098 lists both names but only one TIN.</FONT></P>
</description>
<pubDate>Sun, 22 Mar 2020 23:16:47 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/one-house-two-owners/01/1349093#M806
</guid>
<dc:creator>buc20jon</dc:creator>
<dc:date>2020-03-22T23:16:47Z</dc:date>
</item>
<item>
<title>repayment on a defaulted loan</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/repayment-on-a-defaulted-loan/01/1347755#M805
</link>
<description>
<P>I co signed on home loan for my son he defaulted and I had to pay. Am I able to deduct that amount that I paid on my tax return</P>
</description>
<pubDate>Sun, 22 Mar 2020 18:14:12 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/repayment-on-a-defaulted-loan/01/1347755#M805
</guid>
<dc:creator>moshemetzger</dc:creator>
<dc:date>2020-03-22T18:14:12Z</dc:date>
</item>
<item>
<title>adjusted mortgage interest</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/adjusted-mortgage-interest/01/1338314#M802
</link>
<description>
<P>I am trying to calculate the adjusted mortgage interest for a loans that are above 750k using turbotax premier. I have a mortgage for 771k originated 9/2018 and a HELOC originated 9/2018 for 145k both of which I used to purchase and fix my home. I consolidated these two to a larger loan for 921k on 11/2019. My total mortgage interest is added up to be 35k for 2019.</P><P>The instructions to calculate the adjusted mortgage interest for loans &gt;750k are very vague (from both turbotax and IRS) and do not take into account a refinance during the same year. How would I go about doing this? Or do I have to seek professional help from a CPA? Thanks</P>
</description>
<pubDate>Fri, 20 Mar 2020 01:12:51 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/adjusted-mortgage-interest/01/1338314#M802
</guid>
<dc:creator>powerbread78</dc:creator>
<dc:date>2020-03-20T01:12:51Z</dc:date>
</item>
<item>
<title>Multiple 1098 due to lender transfer</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/multiple-1098-due-to-lender-transfer/01/1329803#M798
</link>
<description>
<P>My mortgage was sold to twice in 2019. Turbo tax now thinks that I have an average loan balance that exceeds $750,000 and is pushing my default answer to Yes, and pulling my refund down significantly. When in reality I only have one home loan. Am I doing something wrong?</P>
</description>
<pubDate>Tue, 17 Mar 2020 23:53:18 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/multiple-1098-due-to-lender-transfer/01/1329803#M798
</guid>
<dc:creator>SpyderDiver</dc:creator>
<dc:date>2020-03-17T23:53:18Z</dc:date>
</item>
<item>
<title>Mortgage Points</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/mortgage-points/01/1327214#M796
</link>
<description>
<P>I purchased my main home this year and I want to add my mortgage points on my 2019 taxes. The only options I have is to amortize over the life of the loan or not to report points. I don't see how to add the amount I paid for points of my home loan? Thank you.</P>
</description>
<pubDate>Tue, 17 Mar 2020 15:16:28 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/mortgage-points/01/1327214#M796
</guid>
<dc:creator>C_L2019</dc:creator>
<dc:date>2020-03-17T15:16:28Z</dc:date>
</item>
<item>
<title>co-signer</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/co-signer/01/1325098#M794
</link>
<description>
<P>Good evening,</P><P>&nbsp;</P><P>I'm hoping someone can provide guidance.&nbsp; I co-signed on a house with my sister.&nbsp; She pays the mortgage, i contribute nothing.&nbsp; Do i have to add that 1098 on my taxes?&nbsp; We agreed that I didn't want to split the numbers, she should get 100%. If i have to include her 1098 how would i go about doing that and showing $0? Thanks in advance.</P>
</description>
<pubDate>Mon, 16 Mar 2020 21:40:54 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/co-signer/01/1325098#M794
</guid>
<dc:creator>rivera01</dc:creator>
<dc:date>2020-03-16T21:40:54Z</dc:date>
</item>
<item>
<title>REFINANCE</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/refinance/01/1322290#M789
</link>
<description>
<P>We refinanced our house in 2018 to consolidate bills and to pay off a second mortgage. The new tax law about refinancing a house and what portion of the mortgage interest can be claimed is unclear to me.</P><P>&nbsp;</P><P>Our original mortgage was $116,000 and we refinanced to a $170,000 loan, with $44,000 going to paying off a second mortgage and $10,000 going to pay off several other nonsecured depts. What portion would we still be able to claim? Does the $44000 going to pay off the home equity lone still count as going towards home improvement, as the 2nd home loan did? Or is the original loan of $116,000 all that can be claimed?</P>
</description>
<pubDate>Mon, 16 Mar 2020 05:49:14 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/refinance/01/1322290#M789
</guid>
<dc:creator>W00Dtaxed</dc:creator>
<dc:date>2020-03-16T05:49:14Z</dc:date>
</item>
<item>
<title>Cash out refinance- How Can I Use $?</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/cash-out-refinance-how-can-i-use/01/1305486#M776
</link>
<description>
<P>I'm considering doing a cash out refinance to lower my rate and fund&nbsp; a few home improvement projects.&nbsp; some of them are larger and clearly improve home value (back yard landscaping), but some are smaller and wouldn't necessarily add much home equity (add a sink to the laundry room.)&nbsp; I know the 2017 tax reform limited what you could do with the cash out money and still be able to deduct your mortgage interest.&nbsp; I'm trying to figure out 2 things... 1) How strict are they about defining what qualifies under the must improve home equity rule?&nbsp; Do I really have to demonstrate an equity bump for all $ spent?&nbsp; 2) What do I do if the projects end up costing a little less than I took out?&nbsp; (~$1K - $2K)&nbsp; Can I just pay the money back to my principal and call it good?</P><P>&nbsp;</P><P>I'm trying to decide if I want to do this and not screwing up and being unable to deduct my mortgage interest is part of the consideration.&nbsp; Thanks!</P>
</description>
<pubDate>Wed, 11 Mar 2020 19:28:08 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/cash-out-refinance-how-can-i-use/01/1305486#M776
</guid>
<dc:creator>jkghh</dc:creator>
<dc:date>2020-03-11T19:28:08Z</dc:date>
</item>
<item>
<title>Home purchase but did not receive a 1098</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/home-purchase-but-did-not-receive-a-1098/01/1304355#M773
</link>
<description>
<P>I purchased a new home in 2019 and did not receive a 1098 from the initial lending institute; therefore, I'm unsure how to report information for tax deduction purposes.&nbsp; I have a closing disclosure which I was told by the lender can be used instead.&nbsp; This is a VA loan with VA funding fees.</P>
</description>
<pubDate>Wed, 11 Mar 2020 15:56:06 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/home-purchase-but-did-not-receive-a-1098/01/1304355#M773
</guid>
<dc:creator>aphogan</dc:creator>
<dc:date>2020-03-11T15:56:06Z</dc:date>
</item>
<item>
<title>House Loan</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/house-loan/01/1303114#M771
</link>
<description>
<P>I forgot to report my mortage interest. What should I do?</P>
</description>
<pubDate>Wed, 11 Mar 2020 03:09:40 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/house-loan/01/1303114#M771
</guid>
<dc:creator>DeniseBates</dc:creator>
<dc:date>2020-03-11T03:09:40Z</dc:date>
</item>
<item>
<title>mortgage reporting</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/mortgage-reporting/01/1302749#M769
</link>
<description>
<P>Per Turbo Tax: "One great benefit of home ownership is that you can deduct the home loan interest you paid for your primary home..." Yet, beyond the name of the lending institution, there is no prompt to enter the interest. Is this deduction still not allowed for 2019?</P>
</description>
<pubDate>Wed, 11 Mar 2020 01:24:50 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/mortgage-reporting/01/1302749#M769
</guid>
<dc:creator>blackhillsclam</dc:creator>
<dc:date>2020-03-11T01:24:50Z</dc:date>
</item>
<item>
<title>Property taxes</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/property-taxes/01/1297880#M759
</link>
<description>
<P>Refinanced home mortgage loan from one institute to another. When adding the 2nd institutes information, Turbo asked for the real estate taxes paid again. My question is, should this amount be entered once or enter it again as they asked?</P>
</description>
<pubDate>Mon, 09 Mar 2020 23:41:53 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/property-taxes/01/1297880#M759
</guid>
<dc:creator>taxprep5979</dc:creator>
<dc:date>2020-03-09T23:41:53Z</dc:date>
</item>
<item>
<title>Home Equity Loans</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/home-equity-loans/01/1293130#M755
</link>
<description>
<P>I did a home equity loan at the end of 2019. To qualify for this loan several accounts had to be paid off using some of the equity money so not all of the loan was used to remodel my home. Before everything was said and done I have three mortgage companies to enter on my taxes but Turbo Tax will only let me enter the info from two of them. What an I suppose to do in this case?</P>
</description>
<pubDate>Sun, 08 Mar 2020 23:16:42 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/home-equity-loans/01/1293130#M755
</guid>
<dc:creator>idabest1</dc:creator>
<dc:date>2020-03-08T23:16:42Z</dc:date>
</item>
<item>
<title>Pre-payment</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/pre-payment/01/1289293#M751
</link>
<description>
<P>We sold a rental home in 2017 and carried the 10-year loan. In 2019 the principal was paid off in a lump sum.I can't figure out how to enter this on TurboTax Premier.</P>
</description>
<pubDate>Sun, 08 Mar 2020 00:45:03 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/pre-payment/01/1289293#M751
</guid>
<dc:creator>rickpatty</dc:creator>
<dc:date>2020-03-08T00:45:03Z</dc:date>
</item>
<item>
<title>
Can I deduct the interest on a cash out refinance if I used the cash to buy a rental property ?
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/can-i-deduct-the-interest-on-a-cash-out-refinance-if-i-used-the-cash-to-buy-a-rental-property/01/1282488#M747
</link>
<description>
<P>We are retired and own our home. We took a cash out refi to buy a small rental property cash.</P><P>&nbsp;</P><P>Can I use this interest as an expense on Sched E of my rental property since loan was only used to acquire the rental ?</P>
</description>
<pubDate>Fri, 06 Mar 2020 17:13:45 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/can-i-deduct-the-interest-on-a-cash-out-refinance-if-i-used-the-cash-to-buy-a-rental-property/01/1282488#M747
</guid>
<dc:creator>inbb2b</dc:creator>
<dc:date>2020-03-06T17:13:45Z</dc:date>
</item>
<item>
<title>Sale of second home - both rental and personal use</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/sale-of-second-home-both-rental-and-personal-use/01/1281834#M745
</link>
<description>
<P>I sold a second home that was rented part time and also used for personal use. I'm reporting the rental (investment) proceeds under business/less common business situations/sale of business property and allocating a percentage to the period of time the property was rented. TurboTax tells me to report the rest of the proceeds under "other investment or personal use property." Where can I find that section?</P>
</description>
<pubDate>Fri, 06 Mar 2020 15:28:22 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/sale-of-second-home-both-rental-and-personal-use/01/1281834#M745
</guid>
<dc:creator>eobelisle</dc:creator>
<dc:date>2020-03-06T15:28:22Z</dc:date>
</item>
<item>
<title>Re: first time home buyer what was that</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-first-time-home-buyer-what-was-that/01/1279305#M743
</link>
<description>
<P>My federal is rejected my return due to first time buyer&nbsp;</P><P>&nbsp;</P>
</description>
<pubDate>Thu, 05 Mar 2020 23:35:06 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-first-time-home-buyer-what-was-that/01/1279305#M743
</guid>
<dc:creator>oncearound18</dc:creator>
<dc:date>2020-03-05T23:35:06Z</dc:date>
</item>
<item>
<title>Home loan fees</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/home-loan-fees/01/1263313#M736
</link>
<description>
<P>What part of home loan costs besides points are deductible?</P>
</description>
<pubDate>Tue, 03 Mar 2020 19:48:04 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/home-loan-fees/01/1263313#M736
</guid>
<dc:creator>jmiriam</dc:creator>
<dc:date>2020-03-03T19:48:04Z</dc:date>
</item>
<item>
<title>
Sold & Bought Home Program won't allow me to deduct mortgage interest
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/sold-bought-home-program-won-t-allow-me-to-deduct-mortgage-interest/01/1253999#M728
</link>
<description>
<P>Hi,</P><P>I sold my home and bought another in 2019. &nbsp;I also had a bridge loan for a month or so. &nbsp;All the loans except my final mortgage were paid off in 2019 with my final outstanding mortgage balance of $556,052. The program keeps adjusting me back to a standard deduction because it thinks I have over $1Million in mortgage balances, even though I have checked the box that confirms that I do not. &nbsp;Please advise how to override the program so that I can take the interest deduction &amp; itemized deduction, or how to fix my entry. &nbsp;Thanks</P>
</description>
<pubDate>Sun, 01 Mar 2020 17:20:58 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/sold-bought-home-program-won-t-allow-me-to-deduct-mortgage-interest/01/1253999#M728
</guid>
<dc:creator>AEPratt</dc:creator>
<dc:date>2020-03-01T17:20:58Z</dc:date>
</item>
<item>
<title>Home equity loan</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/home-equity-loan/01/1250503#M726
</link>
<description>
<P>I have a new home equity loan ( not a HELOC) in 2019. &nbsp;How do I accurately enter the loan interest information and answer the questions re: this loan. &nbsp;It is not the original loan for the home nor is it a HELOC which are the 2 choices given. &nbsp;</P>
</description>
<pubDate>Sat, 29 Feb 2020 12:57:43 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/home-equity-loan/01/1250503#M726
</guid>
<dc:creator>c_1</dc:creator>
<dc:date>2020-02-29T12:57:43Z</dc:date>
</item>
<item>
<title>Mortgage interest allocation</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/mortgage-interest-allocation/01/1248493#M723
</link>
<description>
<P>I am preparing "married - filing separately" returns for my daughter and son-in-law. Some of their itemized deductions (e.g., state income taxes) are recorded in their respective W-2's on an individual basis. Others (e.g., mortgage interest) are reported on Form 1098 to the two as joint owners of the house and mortgage.&nbsp; This necessitates allocating the mortgage interest to the two separate tax returns. Does this have to be allocated on a 50/50 basis, or could it be allocated on the basis of their respective W-2 wages for the year?</P>
</description>
<pubDate>Fri, 28 Feb 2020 19:26:07 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/mortgage-interest-allocation/01/1248493#M723
</guid>
<dc:creator>jwnagel</dc:creator>
<dc:date>2020-02-28T19:26:07Z</dc:date>
</item>
<item>
<title>
morgage deduction on a Heloc that is open for for ten years and is spent on a revolving base , is the home inprovement purchases made after the original loan opening deductable
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/morgage-deduction-on-a-heloc-that-is-open-for-for-ten-years-and-is-spent-on-a-revolving-base-is-the/01/1242543#M718
</link>
<description/>
<pubDate>Thu, 27 Feb 2020 15:33:58 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/morgage-deduction-on-a-heloc-that-is-open-for-for-ten-years-and-is-spent-on-a-revolving-base-is-the/01/1242543#M718
</guid>
<dc:creator>Steven53</dc:creator>
<dc:date>2020-02-27T15:33:58Z</dc:date>
</item>
<item>
<title>Mortgage interest deduction</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/mortgage-interest-deduction/01/1239115#M714
</link>
<description>
<P>I paid $11,653 in home mortgage interest and TurboTax indicates none of it is deductible.</P>
</description>
<pubDate>Wed, 26 Feb 2020 23:46:07 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/mortgage-interest-deduction/01/1239115#M714
</guid>
<dc:creator>HO58</dc:creator>
<dc:date>2020-02-26T23:46:07Z</dc:date>
</item>
<item>
<title>remortgage with cash out vs. a home equity loan ?</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/remortgage-with-cash-out-vs-a-home-equity-loan/01/1236887#M709
</link>
<description>
<P>I own my home free and clear but , I owe&nbsp; $50,000 on my Class A motor home and $25,000 yet on my automobile . The motor home qualifies as a second home&nbsp; so I can declare the interest paid at 3.74% and the payment is $550 per month. The automobile interest is at 3.79% and the payment is $450 per month. My question is should I refinance $100,000 for 30 years at 3.5% interest , taking 50K cash out to pay off the motor home and 25K&nbsp; to pay off the auto loan and&nbsp; use the remaining 25K&nbsp; on needed home improvements ! My new payment would be $450 vs the $1000 I pay out now .&nbsp; I'm concerned , that by doing this , I may loose the $2000 interest credit by transferring that 50K debt into a home loan ! Would I be better off keeping the Recreational Vehicle&nbsp; loan as it is and applying&nbsp; for fee free home equity loan of 50K ? I realize that only the money used towards home improvements would be tax declarable and not the $2500 applied to pay off the automobile .&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Tom</P>
</description>
<pubDate>Wed, 26 Feb 2020 19:21:45 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/remortgage-with-cash-out-vs-a-home-equity-loan/01/1236887#M709
</guid>
<dc:creator>pokoinc70</dc:creator>
<dc:date>2020-02-26T19:21:45Z</dc:date>
</item>
<item>
<title>Interest deduction on main home</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/interest-deduction-on-main-home/01/1230499#M707
</link>
<description>
<P>Ok...I paid $14,500 interest in 2019 on our main home (outstanding loan of about $375K).&nbsp; It lowered my tax liability by <STRONG>$132!!!</STRONG>&nbsp; Is that possible?&nbsp; &nbsp; I must be doing something wrong...what's up?</P>
</description>
<pubDate>Tue, 25 Feb 2020 22:35:42 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/interest-deduction-on-main-home/01/1230499#M707
</guid>
<dc:creator>zoarroad</dc:creator>
<dc:date>2020-02-25T22:35:42Z</dc:date>
</item>
<item>
<title>Mortgage interest</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/mortgage-interest/01/1223483#M698
</link>
<description>
<P>My husband and I bought a home in July 2019. &nbsp;We refinanced in October 2019. We got 1098 forms from the original loan provider, the purchaser of that loan, the company through whom we refinanced, and the company who later purchased the refinanced loan. Am I supposed to enter all 4?</P>
</description>
<pubDate>Mon, 24 Feb 2020 23:19:28 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/mortgage-interest/01/1223483#M698
</guid>
<dc:creator>Ayerzy</dc:creator>
<dc:date>2020-02-24T23:19:28Z</dc:date>
</item>
<item>
<title>mortgage interest limited</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/mortgage-interest-limited/01/1222196#M697
</link>
<description>
<P>My daughter and son in law purchased a new home 12/18/18 for $480,000 with a mortgage of $456,000).&nbsp; Their original home did not sell until 2/28/19 for $450,000 (payoff of mortgage was $370,627).&nbsp; They wouldn't be limited in 2019 to the amount of interest they could claim would they?</P>
</description>
<pubDate>Mon, 24 Feb 2020 20:50:12 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/mortgage-interest-limited/01/1222196#M697
</guid>
<dc:creator>1kathygn1</dc:creator>
<dc:date>2020-02-24T20:50:12Z</dc:date>
</item>
<item>
<title>Refinancing with a divorce</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/refinancing-with-a-divorce/01/1212394#M692
</link>
<description>
<P>I refinanced my house in 2019 to get my ex-husband off the loan and to buy him out.&nbsp; I received two 1098 forms.&nbsp; Am I supposed to use both of them or just the one with only my name (the other has both of our names)?</P>
</description>
<pubDate>Sun, 23 Feb 2020 04:21:51 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/refinancing-with-a-divorce/01/1212394#M692
</guid>
<dc:creator>martawo</dc:creator>
<dc:date>2020-02-23T04:21:51Z</dc:date>
</item>
</channel>
</rss>