Home loans topics https://ttlc.intuit.com/community/home-loans/discussion/02/213 Home loans topics Sun, 01 Aug 2021 00:41:13 GMT 213 2021-08-01T00:41:13Z 10 houses maximum financed-property limit https://ttlc.intuit.com/community/home-loans/discussion/10-houses-maximum-financed-property-limit/01/2319982#M1302 <P>&nbsp;</P><P>I was told that&nbsp;Fannie Mae has 10 houses maximum&nbsp;financed-property limit.&nbsp; Does it mean if once we have 10 houses, we will not be able to finance another one? Is there any way we can lift this limit?</P><P><BR />Thanks for your attention!</P><P>&nbsp;</P> Tue, 22 Jun 2021 01:29:17 GMT https://ttlc.intuit.com/community/home-loans/discussion/10-houses-maximum-financed-property-limit/01/2319982#M1302 Chris2 2021-06-22T01:29:17Z Heloc Loan and Home Improvements https://ttlc.intuit.com/community/home-loans/discussion/heloc-loan-and-home-improvements/01/2308987#M1300 <P>I'm thinking of getting a HELOC loan to do home improvements. Where can I find out whether the home improvements I have in mind would qualify for the interest of the HELOC to be deductible? For example, I need to replace my 40 year old windows, need to install ceiling lights in living room, need new flooring in living room, need painting done, and need to upgrade laundry room with flooring and new washer/dryer. Would washer/dryer be considered home improvement or not? Painting? Windows, etc? Or are some of these non-home improvement. Replacing table, bookcases, sofa in living room would be non-home improvement, right?</P> Fri, 04 Jun 2021 19:40:11 GMT https://ttlc.intuit.com/community/home-loans/discussion/heloc-loan-and-home-improvements/01/2308987#M1300 PAToney 2021-06-04T19:40:11Z Turbo Tax 2020 https://ttlc.intuit.com/community/home-loans/discussion/turbo-tax-2020/01/2299128#M1299 <P>I need help understanding my tax results. I did not get all my money. And the IRS. Gov website indicated , "can not find account information on refund account. Turbo tax did my taxes for 2020.&nbsp;</P> Fri, 21 May 2021 19:51:16 GMT https://ttlc.intuit.com/community/home-loans/discussion/turbo-tax-2020/01/2299128#M1299 Eminchee 2021-05-21T19:51:16Z how to correctly input two 1098s for a mortgage loan that was refinanced with same lender. https://ttlc.intuit.com/community/home-loans/discussion/how-to-correctly-input-two-1098s-for-a-mortgage-loan-that-was-refinanced-with-same-lender/01/2284473#M1298 <P>In March 2020, I refinanced my prior mortgage loan and did it with the same lender. The original loan had mortgage interest and the new loan does not have any mortgage interest. I have read that you are to combine section 1 from both 1098s, and section 10 from both 1098s. Since I had mortgage interest on the original loan do I input it only for this loan in turbotax or enter it on the new loan? Also, it is combining the outstanding mortgage principal of the two loans resulting in over $1 million when each loan was only around $550k. Since I have the lender listed twice for receiving 1098s, I don't know which one is to contain zeros and which one is to contain the combined amounts. Can someone please walk me through it clearer?</P><P>&nbsp;</P><P>Here are the specifics:</P><P>original loan: section 1 $6457.59, section 2 $545940.49, section 3 mortgage origination date 1/25/19, section 5 $1427.58, section 6 zero, 7 box is not marked, section 10 $4541.28, section 11 blank</P><P>New loan: section 1 $15276.72, section 2 $555000, section 3 3/6/20, sections 4, 5,and 6 are zero, section 7 box is marked, section 10 $4863.72, section 11 is blank</P> Mon, 17 May 2021 00:13:58 GMT https://ttlc.intuit.com/community/home-loans/discussion/how-to-correctly-input-two-1098s-for-a-mortgage-loan-that-was-refinanced-with-same-lender/01/2284473#M1298 SA_home 2021-05-17T00:13:58Z Itemized mortgage interest https://ttlc.intuit.com/community/home-loans/discussion/itemized-mortgage-interest/01/2283833#M1297 <P>I itemized my deductions in 2019, but now Turbo Tax does not let me do that. It keeps saying that standard deductions will save me more on tax. How can I select itemized deduction in the desktop version?</P> Sun, 16 May 2021 22:29:40 GMT https://ttlc.intuit.com/community/home-loans/discussion/itemized-mortgage-interest/01/2283833#M1297 applebee 2021-05-16T22:29:40Z Mortgage interest form in deceased husband's name https://ttlc.intuit.com/community/home-loans/discussion/mortgage-interest-form-in-deceased-husband-s-name/01/2271495#M1290 <P>My husband passed away in 2018.&nbsp; His will is still in the probation process.&nbsp; Both of our names are on the deed, but because his name was listed first, the 1098s are in his name.&nbsp; I'm the only person paying the mortgage.&nbsp; How do I handle this on the tax form?</P> Thu, 13 May 2021 14:46:17 GMT https://ttlc.intuit.com/community/home-loans/discussion/mortgage-interest-form-in-deceased-husband-s-name/01/2271495#M1290 clUlss 2021-05-13T14:46:17Z Why am I repaying for first time home buyers for a property I bought after 2008 ? https://ttlc.intuit.com/community/home-loans/discussion/why-am-i-repaying-for-first-time-home-buyers-for-a-property-i-bought-after-2008/01/2268082#M1289 Wed, 12 May 2021 14:20:38 GMT https://ttlc.intuit.com/community/home-loans/discussion/why-am-i-repaying-for-first-time-home-buyers-for-a-property-i-bought-after-2008/01/2268082#M1289 ticheyb 2021-05-12T14:20:38Z Home Mortgage https://ttlc.intuit.com/community/home-loans/discussion/home-mortgage/01/2260023#M1287 <P>Good Afternoon,</P><P>I own a home with my in-laws and my wife (4 people on the title), My wife and I pay all the payments. How do I account for this in the program? Do I show they own a home? Do I give them credit for payments of taxes and interest that they didn't make?</P><P>Sincerely,</P><P>Harley</P> Sun, 09 May 2021 18:01:46 GMT https://ttlc.intuit.com/community/home-loans/discussion/home-mortgage/01/2260023#M1287 Harley76543 2021-05-09T18:01:46Z I sold rental property and purchased another home for rental. How to separate expenses for each property? https://ttlc.intuit.com/community/home-loans/discussion/i-sold-rental-property-and-purchased-another-home-for-rental-how-to-separate-expenses-for-each/01/2254320#M1285 Thu, 06 May 2021 17:35:15 GMT https://ttlc.intuit.com/community/home-loans/discussion/i-sold-rental-property-and-purchased-another-home-for-rental-how-to-separate-expenses-for-each/01/2254320#M1285 DrGTsang 2021-05-06T17:35:15Z Financing Home through Owner https://ttlc.intuit.com/community/home-loans/discussion/financing-home-through-owner/01/2251864#M1283 <P>I bought a home last year from the owner to whom I make payments for the purchase.&nbsp; How do I claim the interest I paid the owner for holding the mortgage on my home.</P> Wed, 05 May 2021 16:00:08 GMT https://ttlc.intuit.com/community/home-loans/discussion/financing-home-through-owner/01/2251864#M1283 CSK49 2021-05-05T16:00:08Z Not all Mortgage Points are deducted for a home purchased in 2020. Why? https://ttlc.intuit.com/community/home-loans/discussion/not-all-mortgage-points-are-deducted-for-a-home-purchased-in-2020-why/01/2251047#M1281 <P>On our 1098 form, it is written in box 6, we paid $1117 points.</P><P>In your Tax Guidance it is written "Note: <STRONG>If you purchased your home in 2020</STRONG> or refinanced it to make improvements, we'll deduct all of your points on your current tax return rather than amortize them over the life of the loan." We purchased our home in 2020. The mortgage is for 30 years starting in 2020. However, instead of getting all the points deducted, TurboTax is getting only $37 deducted. Why?</P> Wed, 05 May 2021 02:40:58 GMT https://ttlc.intuit.com/community/home-loans/discussion/not-all-mortgage-points-are-deducted-for-a-home-purchased-in-2020-why/01/2251047#M1281 dinur 2021-05-05T02:40:58Z Home Refinance https://ttlc.intuit.com/community/home-loans/discussion/home-refinance/01/2248475#M1280 <P>We refinanced in 2020.&nbsp; I have a 1098 from the original loan and a 1098 from the new lender.&nbsp; The original Outstanding mortgage principal was 172,626.&nbsp; The new amount is 202,000.&nbsp; Do I add these together, or enter them seperatly?&nbsp;</P> Tue, 04 May 2021 00:39:47 GMT https://ttlc.intuit.com/community/home-loans/discussion/home-refinance/01/2248475#M1280 Ginalu22 2021-05-04T00:39:47Z home loan interest on Homes https://ttlc.intuit.com/community/home-loans/discussion/home-loan-interest-on-homes/01/2242123#M1276 <P>I have 2 homes I pay mortgages on&nbsp;</P><P>&nbsp;</P><P>in turbotax, i entered in the first loan Interest of 14871.97</P><P>Then on my 2nd home, i Refinanced during the year.</P><P>The first loan says 15939.38 interest payed</P><P>the 2ndloan(refinancing the first) i paid 4993.39</P><P>&nbsp;</P><P>for a total of 35804.74</P><P>&nbsp;</P><P>now the strange part... i had entered the first 2, and it said i owed just over 900 federal taxes.</P><P>I then entered that 3rd entry of 4993, and my federal taxes went UP&nbsp; to 3200??</P><P>why would my taxes go UP after I enter in Mortgage interest?&nbsp;</P><P>&nbsp;</P><P>Thanks for your time.</P> Fri, 30 Apr 2021 21:25:17 GMT https://ttlc.intuit.com/community/home-loans/discussion/home-loan-interest-on-homes/01/2242123#M1276 BruceBrand 2021-04-30T21:25:17Z Loan amortization https://ttlc.intuit.com/community/home-loans/discussion/loan-amortization/01/2236380#M1275 <P>Hi.&nbsp; In 2014, I refinanced my rental property but forgot to set up amortization schedule and thus have not written off any of the fees. In 2020, I refinanced again and just now found that mistake.&nbsp; Total fees from the 2014 loan were $3,000 ($100 per year) and at this point I figure that still have 23 years left on that loan and was going to accelerate the amortization and write off the remaining balance of the approx. $2300 (23*100). Does that seem appropriate?</P><P>&nbsp;</P><P>As for the deduction that I lost for years 2014 – 2019, I don’t believe that it is worth refiling those tax returns.&nbsp; (Basically water under the bridge).&nbsp; Appreciate the help.</P> Wed, 28 Apr 2021 03:27:44 GMT https://ttlc.intuit.com/community/home-loans/discussion/loan-amortization/01/2236380#M1275 JCOX3PASA1 2021-04-28T03:27:44Z Loans https://ttlc.intuit.com/community/home-loans/discussion/loans/01/2232693#M1273 <P>Hello.&nbsp; I like to know if I qualify for a home loan. First time purchasing.&nbsp;</P><P>Thank you&nbsp;</P><P>Christy Overbay&nbsp;</P> Mon, 26 Apr 2021 16:46:34 GMT https://ttlc.intuit.com/community/home-loans/discussion/loans/01/2232693#M1273 Cjoel100 2021-04-26T16:46:34Z I am applying for a loan and I need a complete copy of my 2020 income tax. can you provide such? https://ttlc.intuit.com/community/home-loans/discussion/i-am-applying-for-a-loan-and-i-need-a-complete-copy-of-my-2020-income-tax-can-you-provide-such/01/2230640#M1271 Sun, 25 Apr 2021 18:20:43 GMT https://ttlc.intuit.com/community/home-loans/discussion/i-am-applying-for-a-loan-and-i-need-a-complete-copy-of-my-2020-income-tax-can-you-provide-such/01/2230640#M1271 johnabrd 2021-04-25T18:20:43Z Direct deposit https://ttlc.intuit.com/community/home-loans/discussion/direct-deposit/01/2227339#M1269 <P>My return was excepted on 5 April how long will it be before it gets to my bank account</P> Fri, 23 Apr 2021 20:32:44 GMT https://ttlc.intuit.com/community/home-loans/discussion/direct-deposit/01/2227339#M1269 ADbrat7 2021-04-23T20:32:44Z I have 2 homes on the same lot https://ttlc.intuit.com/community/home-loans/discussion/i-have-2-homes-on-the-same-lot/01/2213269#M1267 <P>I have 2 homes on the same lot, I rent one and live in one, how do I state that on my taxes?</P> Sat, 17 Apr 2021 17:35:56 GMT https://ttlc.intuit.com/community/home-loans/discussion/i-have-2-homes-on-the-same-lot/01/2213269#M1267 dirchu 2021-04-17T17:35:56Z What is the cost basis of a gift of equity purchase? https://ttlc.intuit.com/community/home-loans/discussion/what-is-the-cost-basis-of-a-gift-of-equity-purchase/01/2209871#M1266 <P>I plan to take over my parents house by paying the remaining mortgage. They bought this house for $100,000. This was their primary house and will be our primary house.</P><P>&nbsp;</P><P>FMV $550,000</P><P>remaining mortgage $350,000</P><P>gift of equity $200,000</P><P>&nbsp;</P><P>Questions:</P><P>1. There will be no capital gain for my parents as this is their primary house, correct?</P><P>2. What is the cost basis for me when I sell this house, $550,000 or $350,000?</P><P>3. If my parents still live in the house with us after the transfer without paying rent, is that going to be an IRS issue/red flag?</P><P>4. What is difference between the above setup and purchasing this house for $350,000 without gift of equity?</P><P>&nbsp;</P><P>Thanks for your help.</P><P>&nbsp;</P> Fri, 16 Apr 2021 07:20:59 GMT https://ttlc.intuit.com/community/home-loans/discussion/what-is-the-cost-basis-of-a-gift-of-equity-purchase/01/2209871#M1266 Loaner 2021-04-16T07:20:59Z Capital Gains And Cost Basis https://ttlc.intuit.com/community/home-loans/discussion/capital-gains-and-cost-basis/01/2205520#M1262 <P>Need the cost basis on a property that was gifted to me by family member. I rented the property from July 2015 to May 2018 when family member signed over the deed. I Sold the property on August 2019. Would the cost basis be the purchase&nbsp; price&nbsp; of the donor or the FMV when the deed was signed over ?&nbsp;</P> Thu, 15 Apr 2021 03:25:10 GMT https://ttlc.intuit.com/community/home-loans/discussion/capital-gains-and-cost-basis/01/2205520#M1262 bills6 2021-04-15T03:25:10Z First-time buyer financial assistance https://ttlc.intuit.com/community/home-loans/discussion/first-time-buyer-financial-assistance/01/2185267#M1249 <P>A granddaughter in Texas purchased her first residence in 2020.&nbsp; The Bank granted her $10,000 as part of a first-time buyer incentive program.&nbsp; This was reported as income on 1099-Misc.&nbsp; Is there any argument in support of treating this grant as non-taxable.</P> Fri, 09 Apr 2021 16:04:35 GMT https://ttlc.intuit.com/community/home-loans/discussion/first-time-buyer-financial-assistance/01/2185267#M1249 Jjamesrussell 2021-04-09T16:04:35Z Paid Origination & Discount Points but only able to input Origination Points https://ttlc.intuit.com/community/home-loans/discussion/paid-origination-discount-points-but-only-able-to-input-origination-points/01/2180247#M1247 <P>We purchased a new home in 2020 and as part of this process, we paid both Origination Points (Fees) as well as Discount Points to get the overall interest rate of our Mortage down about a single percentage point.&nbsp;</P><P>&nbsp;</P><P>However, as I am inputing the data into TurboTax, only the origination points are available for input. How do I input the discount points paid when we opened the loan?</P> Wed, 07 Apr 2021 21:48:47 GMT https://ttlc.intuit.com/community/home-loans/discussion/paid-origination-discount-points-but-only-able-to-input-origination-points/01/2180247#M1247 mvadamski 2021-04-07T21:48:47Z House Loan in Probate https://ttlc.intuit.com/community/home-loans/discussion/house-loan-in-probate/01/2165376#M1239 <P>My father passed in October of 2019, and my brother and I have been in the process of probate since then.&nbsp; There was a house involved and I have been making the payments since 2019, but did not claim any of the interest on taxes last year.&nbsp; The home loan has been changed to the "Estate" of my late father and we finally received forms stating my brother and I were name co-executors of his estate.&nbsp; Can I claim the house payments on my taxes?&nbsp; I have proof that I have been making the payments and the 1098 form.&nbsp; We have signed all the forms to close probate, but our court date is not scheduled until October of this year.</P> Sat, 03 Apr 2021 02:11:06 GMT https://ttlc.intuit.com/community/home-loans/discussion/house-loan-in-probate/01/2165376#M1239 meescobedo 2021-04-03T02:11:06Z Refinance - Home Mortgage Worksheet double counts outstanding balances https://ttlc.intuit.com/community/home-loans/discussion/refinance-home-mortgage-worksheet-double-counts-outstanding-balances/01/2162445#M1237 <P>I refinanced an existing mortgage in July 2020. TurboTax prompted me to combine the Box 1 mortgage interest from both 1098 Forms in the worksheet for the loan I paid off. No problem there. However, TurboTax also prompted me to enter the Box 2 Outstanding Mortgage Principal for the paid-off loan&nbsp;(with a 1/1/20 Box 2 balance of $730,000 (rounded)), plus the payoff amount at closing ($720,000). For the refinanced loan, I entered the new mortgage Box 2 amount ($625,000 at origination) and the 12/31/20 balance ($615,000). The supporting loan worksheet appears to assume both loans were outstanding throughout 2020, calculating an average 2020 mortgage balance of $725,000 + $620,000 = 1,345,000. Since the IRS disallows interest deductions on loans over $750,000, the software limits my interest deduction to $750,000/1,345,000 = 56% of the actual interest I paid. What's the work-around for this??? Leaving Box 2 blank gives an error.</P> Fri, 02 Apr 2021 02:41:59 GMT https://ttlc.intuit.com/community/home-loans/discussion/refinance-home-mortgage-worksheet-double-counts-outstanding-balances/01/2162445#M1237 EAM76 2021-04-02T02:41:59Z Home equity loan to pay off mortgage balance https://ttlc.intuit.com/community/home-loans/discussion/home-equity-loan-to-pay-off-mortgage-balance/01/2152738#M1232 <P>I tried to refinance my mortgage but was told by three banks that the size of the loan was too small. Finally, my credit union gave me a home equity loan to pay off the $27,000 mortgage. Is the interest on that loan deductable?</P> Tue, 30 Mar 2021 20:16:56 GMT https://ttlc.intuit.com/community/home-loans/discussion/home-equity-loan-to-pay-off-mortgage-balance/01/2152738#M1232 rlichty99 2021-03-30T20:16:56Z refinance my two family home https://ttlc.intuit.com/community/home-loans/discussion/refinance-my-two-family-home/01/2135580#M1224 <P>I refinance my 2 family home-lived in 1 unit and rented the other unit. I received 2 1098 this year, how can I deduct the closing costs and which closing costs are deductible (loan costs, recording fees, prepaid insurance premium, prepaid interest, property taxes, initial escrow payment at closing; these are the items listed on my closing cost details) ? Also, I paid $400 on the points of the new loan.&nbsp;</P><P>&nbsp;</P><P>thanks in advance!!</P><P>&nbsp;</P> Fri, 26 Mar 2021 00:30:44 GMT https://ttlc.intuit.com/community/home-loans/discussion/refinance-my-two-family-home/01/2135580#M1224 huichen88112 2021-03-26T00:30:44Z I refinanced my home in 2020 and received some cash equity. I used some of it to pay off credit cards and $14,000.00 to repair the foundation of the home. I paid $1664.00 in origination charges; how do I express this on my Turbo tax https://ttlc.intuit.com/community/home-loans/discussion/i-refinanced-my-home-in-2020-and-received-some-cash-equity-i-used-some-of-it-to-pay-off-credit-cards/01/2131512#M1221 Wed, 24 Mar 2021 23:22:59 GMT https://ttlc.intuit.com/community/home-loans/discussion/i-refinanced-my-home-in-2020-and-received-some-cash-equity-i-used-some-of-it-to-pay-off-credit-cards/01/2131512#M1221 kwcarter39 2021-03-24T23:22:59Z Refinance and form 1098 https://ttlc.intuit.com/community/home-loans/discussion/refinance-and-form-1098/01/2130598#M1220 <P>We refinanced our home in 2020, with the same company as the original loan. However, we did not meet the amount of $375,000. Do I still combine the information from both 1098 forms? Also, the refinanced outstanding principal was a little higher than the outstanding principal on the original loan. Which amounts do I use?</P><P>&nbsp;</P> Wed, 24 Mar 2021 19:43:41 GMT https://ttlc.intuit.com/community/home-loans/discussion/refinance-and-form-1098/01/2130598#M1220 jans1 2021-03-24T19:43:41Z Mortgage Interest https://ttlc.intuit.com/community/home-loans/discussion/mortgage-interest/01/2127029#M1216 <P>I have four 1098s because I refinanced and the loan got sold two times thereafter. So after I combine the interest paid in Box 1, should I then check the box below it that states "The interest amount I entered is different than what's on my 1098."</P><P>Thanks</P> Tue, 23 Mar 2021 21:10:05 GMT https://ttlc.intuit.com/community/home-loans/discussion/mortgage-interest/01/2127029#M1216 Arahova 2021-03-23T21:10:05Z Rental Property-principal payments https://ttlc.intuit.com/community/home-loans/discussion/rental-property-principal-payments/01/2126321#M1214 <P>how do I deduct as an expense my principal payments on my rental property?</P> Tue, 23 Mar 2021 18:35:23 GMT https://ttlc.intuit.com/community/home-loans/discussion/rental-property-principal-payments/01/2126321#M1214 CLOYDBETH 2021-03-23T18:35:23Z Home equity loan to purchase rental property https://ttlc.intuit.com/community/home-loans/discussion/home-equity-loan-to-purchase-rental-property/01/2112978#M1210 <P>We purchased rental property by getting a home equity loan on the home we live in.&nbsp; Can we use the interest on the equity loan as an expense on the rental property?</P> Sat, 20 Mar 2021 15:27:32 GMT https://ttlc.intuit.com/community/home-loans/discussion/home-equity-loan-to-purchase-rental-property/01/2112978#M1210 ksguerre 2021-03-20T15:27:32Z home sale https://ttlc.intuit.com/community/home-loans/discussion/home-sale/01/2111622#M1208 <P>What form do I need if I sold my house?</P> Sat, 20 Mar 2021 00:58:04 GMT https://ttlc.intuit.com/community/home-loans/discussion/home-sale/01/2111622#M1208 mghenderson222 2021-03-20T00:58:04Z Cash- Out Refinance https://ttlc.intuit.com/community/home-loans/discussion/cash-out-refinance/01/2095021#M1202 <P>Refinanced a $530,214 mortgage at the end of 2019 to include cash out of $328,654. &nbsp;New mortgage is now $858,868 at an interest rate of 4.5%. &nbsp;The cash out was not used for home improvements. &nbsp;My Form 1098 from new lender shows total interest paid for 2020 based on the entire $858,868. &nbsp;I know I cannot deduct interest on the cash out of $323,654, but can I deduct interest on the $530,214? &nbsp;How would I figure out how much interest to deduct and how would I do this on turbo tax? &nbsp;Turbo tax only asks for total interest and if any portion of cash out was used for home improvements. &nbsp;When I answer that the cash out was not used for home improvements, it appears to now allow any write off of any portion of the loan. &nbsp;</P> Tue, 16 Mar 2021 23:28:53 GMT https://ttlc.intuit.com/community/home-loans/discussion/cash-out-refinance/01/2095021#M1202 terrie 2021-03-16T23:28:53Z cash out refinance with Home improvement over 2020 & 2021 https://ttlc.intuit.com/community/home-loans/discussion/cash-out-refinance-with-home-improvement-over-2020-2021/01/2088662#M1197 <P>In 2020 refinanced with 20K cash out.&nbsp; We used much of the money for home improvements, but some invoices are dated and paid 2021 (January).&nbsp; Can we claim on 2020 taxes if some invoices have 2021 dates?&nbsp;&nbsp;</P> Tue, 16 Mar 2021 00:30:12 GMT https://ttlc.intuit.com/community/home-loans/discussion/cash-out-refinance-with-home-improvement-over-2020-2021/01/2088662#M1197 Lemur22 2021-03-16T00:30:12Z Where do I input a home equity loan that is different from home mortgage? https://ttlc.intuit.com/community/home-loans/discussion/where-do-i-input-a-home-equity-loan-that-is-different-from-home-mortgage/01/2074608#M1189 <P>Home equity loan</P> Sat, 13 Mar 2021 21:03:56 GMT https://ttlc.intuit.com/community/home-loans/discussion/where-do-i-input-a-home-equity-loan-that-is-different-from-home-mortgage/01/2074608#M1189 davelambert 2021-03-13T21:03:56Z Paid of land loan and now have construction loan https://ttlc.intuit.com/community/home-loans/discussion/paid-of-land-loan-and-now-have-construction-loan/01/2071146#M1188 <P>Hello,</P><P>&nbsp;</P><P>Last year, we paid off our land loan and we started our construction loan.&nbsp; I entered the data in TurboTax to match the tax documents I received from the bank, but TT won't let me continue until I add in 'Borrowed in 2020' but if I put in a number there - it won't match the tax forms.&nbsp; The tax forms from the bank show a balance as of January 2020, but we didn't get the construction loan until June.&nbsp; There was only one draw taken in 2020.&nbsp; Do I put that or the whole amount, even though I haven't technically borrowed (drawn) that full amount?&nbsp; And why does it matter anyway?!?!&nbsp; It's to complete a worksheet - how much I borrowed last year doesn't affect my taxes.&nbsp; Please advise.</P> Sat, 13 Mar 2021 01:41:29 GMT https://ttlc.intuit.com/community/home-loans/discussion/paid-of-land-loan-and-now-have-construction-loan/01/2071146#M1188 TaxKZ 2021-03-13T01:41:29Z in between tenants https://ttlc.intuit.com/community/home-loans/discussion/in-between-tenants/01/2070551#M1186 <P>I have a rental that was vacant all 2020 year to do extensive repairs.&nbsp; It required&nbsp; a complete remodel to eliminate black mold throughout the house, paint, replace all flooring, replace appliances, install new floor drain tile, remove and replace drywall etc.&nbsp; The repairs will improve the property since the appliances, flooring, fixtures etc. will be new, but the repairs were necessary due to the damage.&nbsp; No one could move in during this time.&nbsp; Are any of these expenses deductible in 2020 tax return? I also continued to pay property taxes and utility bills during this time.&nbsp; Are these expenses deductible.&nbsp; Some repairs cost over $600, I do not know how to answer the&nbsp;Form 1099-NEC questions.</P> Fri, 12 Mar 2021 23:34:58 GMT https://ttlc.intuit.com/community/home-loans/discussion/in-between-tenants/01/2070551#M1186 gjgogol 2021-03-12T23:34:58Z Refinanced mortgage outstanding loan balance https://ttlc.intuit.com/community/home-loans/discussion/refinanced-mortgage-outstanding-loan-balance/01/2053738#M1178 <P>We have refinanced in 2020 with the following information and received 3 1098 forms.</P><P>&nbsp;</P><P>Company A: original loan of 500k.</P><P>Company B: refinanced with 400k after paid off 100k difference and 400k to A.</P><P>Company C: B loan transferred/bought over by company C that we are currently paying the mortgage of 400k with.</P><P>&nbsp;</P><P>On the mortgage interest form, turbotax asks for more information:</P><P>What was the outstanding loan balance on Jan 1, 2021, if you paid off in 2020, enter the balance on the day you paid off.&nbsp;</P><P>&nbsp;</P><P>Should I enter like this?&nbsp;</P><P>&nbsp;</P><P>1) Company A: 500k</P><P>2) Company B: 400k</P><P>3) Company C: 400k</P><P>&nbsp;</P><P>It is not triple counting? want to check the TurboTax gets the net loan of 400k correctly this way.</P><P>&nbsp;</P> Tue, 09 Mar 2021 21:19:25 GMT https://ttlc.intuit.com/community/home-loans/discussion/refinanced-mortgage-outstanding-loan-balance/01/2053738#M1178 onemoment 2021-03-09T21:19:25Z Interest accrued &added to loan balance on a reverse mortgage. Deductible? https://ttlc.intuit.com/community/home-loans/discussion/interest-accrued-added-to-loan-balance-on-a-reverse-mortgage-deductible/01/2048272#M1177 <P>Interest accrued &amp;added to loan balance on a reverse mortgage. Deductible?</P> Mon, 08 Mar 2021 21:57:15 GMT https://ttlc.intuit.com/community/home-loans/discussion/interest-accrued-added-to-loan-balance-on-a-reverse-mortgage-deductible/01/2048272#M1177 arthurbrown6151 2021-03-08T21:57:15Z Question regarding new law on old refinance https://ttlc.intuit.com/community/home-loans/discussion/question-regarding-new-law-on-old-refinance/01/2048158#M1176 <P>Refinanced my home in 2018.&nbsp; Loan was for $400,000.&nbsp; Had $270,000 in equity.&nbsp; Took out $130,000 in cash and fees to pay other debt.</P><P>&nbsp;</P><P>What value do I put into TurboTax where it asks "Since you first took out this loan, how much has been spent to buy, improve, or build the home it's secured by?"&nbsp; I would think I would put in the $270,000 but not certain.&nbsp; TurboTax is giving me the standard deduction and it doesn't seem correct.&nbsp; At least some of the $17,000 in mortgage interest should be getting applied.&nbsp; Showing as $0 in the end summary.</P> Mon, 08 Mar 2021 21:41:12 GMT https://ttlc.intuit.com/community/home-loans/discussion/question-regarding-new-law-on-old-refinance/01/2048158#M1176 BarryJames1959 2021-03-08T21:41:12Z Mortgage Deductions https://ttlc.intuit.com/community/home-loans/discussion/mortgage-deductions/01/2043268#M1173 <P>I had 2 refi's last year. &nbsp;For each Turbo Tax is asking "what was the amount you used to build, buy or improve your home." &nbsp;Is this referring to (1) the original loan amount or (2) the amount paid last year (principal + interest) or (3) something else? &nbsp;Thanks in advance for the help.</P> Sun, 07 Mar 2021 23:30:23 GMT https://ttlc.intuit.com/community/home-loans/discussion/mortgage-deductions/01/2043268#M1173 ehm2 2021-03-07T23:30:23Z Refinance home loan twice https://ttlc.intuit.com/community/home-loans/discussion/refinance-home-loan-twice/01/2042632#M1171 <P>I refinanced my home loan twice last year with the original lender.&nbsp;&nbsp; I received two 1098 forms.&nbsp; One 1098 form has the mortgage origination date&nbsp; as the original date and the second one has it with the refinance date.&nbsp; Which form should I enter for the outstanding mortgage principal amount?</P> Sun, 07 Mar 2021 21:45:57 GMT https://ttlc.intuit.com/community/home-loans/discussion/refinance-home-loan-twice/01/2042632#M1171 dakdec 2021-03-07T21:45:57Z Closed on house December 2020 https://ttlc.intuit.com/community/home-loans/discussion/closed-on-house-december-2020/01/2024539#M1159 <P>We closed on our house in December 2020 and did not make a house payment until 2021. How do I enter in my closing costs. I do not have form 1098. I do have all my closing papers.</P> Thu, 04 Mar 2021 01:36:49 GMT https://ttlc.intuit.com/community/home-loans/discussion/closed-on-house-december-2020/01/2024539#M1159 duanel 2021-03-04T01:36:49Z refinancing https://ttlc.intuit.com/community/home-loans/discussion/refinancing/01/2000554#M1146 <P>I paid a home loan off early and paid a penalty is this a tax write off?</P> Sat, 27 Feb 2021 22:29:26 GMT https://ttlc.intuit.com/community/home-loans/discussion/refinancing/01/2000554#M1146 mazdatb 2021-02-27T22:29:26Z Home Mortgage https://ttlc.intuit.com/community/home-loans/discussion/home-mortgage/01/1988904#M1142 <P>Last year some of my mortgage interest payments were made to a brokerage and no 1098 was issued. &nbsp;The TurboTax interview &nbsp;does not ask for payments made without a 1098 being issued. &nbsp;How do I report this mortgage interest?</P> Thu, 25 Feb 2021 19:09:37 GMT https://ttlc.intuit.com/community/home-loans/discussion/home-mortgage/01/1988904#M1142 stevej3 2021-02-25T19:09:37Z Loan from a foreign relative https://ttlc.intuit.com/community/home-loans/discussion/loan-from-a-foreign-relative/01/1984334#M1141 <P>Hi,</P><P>My mother (Mexican Citizen / Non-US Resident), has offered to give me a sizeable loan ($200K) to purchase a home in the US. The funds are in a US Based Bank Account, she wants to make the loan to me with zero interest.&nbsp;<BR />Are there any tax implications to this?&nbsp;<BR />I am planning on creating a promissory note for the loan and keep it for documentation whenever or if ever all those transfers ring any alarms from the IRS.<BR /><BR />Any one have experience with this? How should I approach this?</P> Wed, 24 Feb 2021 22:00:42 GMT https://ttlc.intuit.com/community/home-loans/discussion/loan-from-a-foreign-relative/01/1984334#M1141 pablo86 2021-02-24T22:00:42Z Return rejected for first time home buyer credit. How do I repay what I owe? https://ttlc.intuit.com/community/home-loans/discussion/return-rejected-for-first-time-home-buyer-credit-how-do-i-repay-what-i-owe/01/1978683#M1137 <P>Everytime I select that I sold the house in 2019 it says I owe $0 which I know not to be true. The IRS already rejected my return once for this.</P> Tue, 23 Feb 2021 23:30:55 GMT https://ttlc.intuit.com/community/home-loans/discussion/return-rejected-for-first-time-home-buyer-credit-how-do-i-repay-what-i-owe/01/1978683#M1137 SanidyG 2021-02-23T23:30:55Z Is home mortgage to buy another house considered income? https://ttlc.intuit.com/community/home-loans/discussion/is-home-mortgage-to-buy-another-house-considered-income/01/1956159#M1132 <P>I obtained a home mortgage on my own home to buy another home that became a rental property.</P><P>Is the money I received considered income (and taxable)?</P> Fri, 19 Feb 2021 23:18:50 GMT https://ttlc.intuit.com/community/home-loans/discussion/is-home-mortgage-to-buy-another-house-considered-income/01/1956159#M1132 Somebody42 2021-02-19T23:18:50Z I took HELOC in 2020 but haven't used any money from it. Can I get the full deduction for 2020 tax return? https://ttlc.intuit.com/community/home-loans/discussion/i-took-heloc-in-2020-but-haven-t-used-any-money-from-it-can-i-get-the-full-deduction-for-2020-tax/01/1940933#M1128 <P>I took HELOC in 2020, but I haven't used the money at all. Can I still get the full deduction for Year 2020 tax retrun?</P> Wed, 17 Feb 2021 18:04:26 GMT https://ttlc.intuit.com/community/home-loans/discussion/i-took-heloc-in-2020-but-haven-t-used-any-money-from-it-can-i-get-the-full-deduction-for-2020-tax/01/1940933#M1128 chermawa 2021-02-17T18:04:26Z Mortgage Interest Limit https://ttlc.intuit.com/community/home-loans/discussion/mortgage-interest-limit/01/1924317#M1121 <P>This is my first time using TurboTax. I purchased our home in June 2019 and refinanced with the same lender in Sept. 2020 for lower interest rate and to pull a small amount of cash out for home improvements. Both were 30 year mortgages less than 750,000.&nbsp; The original loan had discount points that were amortized over the life of the loan.&nbsp; The new loan also had points.&nbsp; When I enter all the information for the 2 loans the number look ok in the worksheets put when ultimately printing out the PDF of the 1040 and Schedules the mortgage interest reported is less than the sum of the 2 interests reported on the 1098's and in fact it is less than the interest on either of the loans. I had 2 loans last tax season, though neither were refi loans (one from a previous property and the other for the new property described above. In that case the mortgage interest reported was in fact the sum of the 2 interests from the 2 1098's.</P><P>&nbsp;</P><P>What is going on?</P> Sun, 14 Feb 2021 23:18:05 GMT https://ttlc.intuit.com/community/home-loans/discussion/mortgage-interest-limit/01/1924317#M1121 brpoole278478 2021-02-14T23:18:05Z Mortgage Interest and Property Taxes https://ttlc.intuit.com/community/home-loans/discussion/mortgage-interest-and-property-taxes/01/1903485#M1097 <P>We own a home my son and his wife rent from us. This past year he paid the mortgage and the property taxes on the home to show the bank that he could pay the mortgage so he can eventually finance the house in his name. The mortgage is in our names, but the property taxes are in our names as well as my son's. Can he claim the mortgage interest and the property taxes on his return?&nbsp;</P> Wed, 10 Feb 2021 23:59:29 GMT https://ttlc.intuit.com/community/home-loans/discussion/mortgage-interest-and-property-taxes/01/1903485#M1097 highreturn 2021-02-10T23:59:29Z VA Funding Fee https://ttlc.intuit.com/community/home-loans/discussion/va-funding-fee/01/1876491#M1085 <P>What if my mortgage company didn't put the funding fee in box 5. Can I just enter it in the same 1098 when I enter it on TurboTax or do I need a corrected 1098?&nbsp;</P> Fri, 05 Feb 2021 03:17:50 GMT https://ttlc.intuit.com/community/home-loans/discussion/va-funding-fee/01/1876491#M1085 r8ders99 2021-02-05T03:17:50Z Mortgage lender sells loan - should I report it as payoff in TurboTax https://ttlc.intuit.com/community/home-loans/discussion/mortgage-lender-sells-loan-should-i-report-it-as-payoff-in-turbotax/01/1876263#M1084 <P>I purchased a second home where I used the builder's mortgage company.&nbsp; I paid a 1% discount point to buydown the interest rate which was approximately $4,000.&nbsp; I settled on May 8, 2020 and the mortgage company sold the loan to Wells Fargo on May 17, 2020 (9 days later).&nbsp; When I try to report the discount point in Turbotax, it asks me on whether I payed off the original loan with the builder or not.&nbsp; How do I report this?</P> Fri, 05 Feb 2021 02:07:23 GMT https://ttlc.intuit.com/community/home-loans/discussion/mortgage-lender-sells-loan-should-i-report-it-as-payoff-in-turbotax/01/1876263#M1084 saltip 2021-02-05T02:07:23Z covid delay on spending refi money on home improvement https://ttlc.intuit.com/community/home-loans/discussion/covid-delay-on-spending-refi-money-on-home-improvement/01/1876200#M1083 <P>We refied our mortgage in 2020 and took out $100k in equity to&nbsp; spend on&nbsp; home improvements.</P><P>The work was delayed until&nbsp; TBD due to Covid,&nbsp; so the money is just sitting in a savings account until&nbsp; then.</P><P>Since we are&nbsp; going to&nbsp; spend 100% of money out on improving the house but we didn't actually spend it in&nbsp; 2020 what do i&nbsp; say regarding how much of the refi is going towards home improvement??</P><P>Do i&nbsp; say&nbsp; 100% because it will be in the future or 0% because it wasn't spent in 2020??</P> Fri, 05 Feb 2021 01:52:19 GMT https://ttlc.intuit.com/community/home-loans/discussion/covid-delay-on-spending-refi-money-on-home-improvement/01/1876200#M1083 wilfsdad1965 2021-02-05T01:52:19Z Can't find my bank to enter 1098 information https://ttlc.intuit.com/community/home-loans/discussion/can-t-find-my-bank-to-enter-1098-information/01/1831095#M1059 <P>I have a home loan with Huntington Bank and a 1098 form for 2020. I go into the deductions &amp; credits section. Get to this section where it tells me to find my bank.&nbsp;</P><P>&nbsp;</P><DIV class="header-title">Let's import your tax info</DIV><DIV class="header-subtitle">We’ll help you find and import info from your bank or financial institution.</DIV><DIV class="header-subtitle">&nbsp;</DIV><DIV class="header-subtitle">Then it says...</DIV><DIV class="header-subtitle">&nbsp;</DIV><DIV class="header-subtitle"><SPAN>Hmm, we can’t find&nbsp;</SPAN><STRONG>Huntington</STRONG><SPAN>&nbsp;in our list of supported banks.</SPAN></DIV><DIV class="header-subtitle">&nbsp;</DIV><DIV class="header-subtitle"><SPAN>So now I am completely stuck and have no idea on how I proceed to enter my 1098 information. Any help would be appreciated.</SPAN></DIV> Tue, 26 Jan 2021 22:32:47 GMT https://ttlc.intuit.com/community/home-loans/discussion/can-t-find-my-bank-to-enter-1098-information/01/1831095#M1059 RedIsNotBlue1 2021-01-26T22:32:47Z Mortgage interest 1098 form https://ttlc.intuit.com/community/home-loans/discussion/mortgage-interest-1098-form/01/1814042#M1056 <P>I was working on my taxes and when I got to the section of mortgage interest it took me to a screen where I had to enter my bank and login and password to get 1098 forms uploaded.&nbsp; &nbsp; &nbsp;I was reluctant on entering the information because I have been the victim of Identity theft.&nbsp; &nbsp; But I did enter and my bank sent me a code when I entered there was an error, I tried again and there was an error again.&nbsp; &nbsp;</P><P>&nbsp;</P><P>I want to make sure that this process is correct - I have never had to do this before in 8 years with Turbo Tax.</P><P>&nbsp;</P> Thu, 21 Jan 2021 14:56:05 GMT https://ttlc.intuit.com/community/home-loans/discussion/mortgage-interest-1098-form/01/1814042#M1056 fattgar55 2021-01-21T14:56:05Z home loan deductions & 1098's https://ttlc.intuit.com/community/home-loans/discussion/home-loan-deductions-1098-s/01/1826504#M1052 <P>I have several 1098's because we had our loan with one company, then we refinanced and the company we refi'd with then sold our loan to another company. When entering the info the question that asks 'it is the original loan you took out to purchase the property?' ...do we answer yes for the initial loan and then do we answer 'no, it's a loan that's been refinanced' for the 1098 from the refi? Then what do we answer for the loan that we currently have, which is the one that was sold by the company we refi'd with?</P><P>We are having an additional &nbsp;issue following that question...turbo tax is saying that based on the info we provided, we most likely need to limit the deductible mortgage interest on our home acquisition debt. Basically it thinks that we have a loan balance that exceeds $750,000, which we most certainly do not. Im not sure if there is an issue with one of our 1098s and incorrect data on them, or if I am misunderstanding something. Any help please? Thanks much</P> Mon, 25 Jan 2021 20:47:14 GMT https://ttlc.intuit.com/community/home-loans/discussion/home-loan-deductions-1098-s/01/1826504#M1052 SR1515 2021-01-25T20:47:14Z What is Dollar Amount of points paid https://ttlc.intuit.com/community/home-loans/discussion/what-is-dollar-amount-of-points-paid/01/1823213#M1051 Sun, 24 Jan 2021 20:19:56 GMT https://ttlc.intuit.com/community/home-loans/discussion/what-is-dollar-amount-of-points-paid/01/1823213#M1051 anitarruiz 2021-01-24T20:19:56Z California mortgage & Home Equity Interest https://ttlc.intuit.com/community/home-loans/discussion/california-mortgage-home-equity-interest/01/1821357#M1049 <P>If I max at the standard deduction, does that mean I show put my mortgage interest in the adjusted for interest on my state taxes. Since I cannot itemized, I do not believe I get a mortgage interest deduction, so I may need to adjust my stat interest from my 1098?</P> Sun, 24 Jan 2021 00:35:47 GMT https://ttlc.intuit.com/community/home-loans/discussion/california-mortgage-home-equity-interest/01/1821357#M1049 thechadley1987 2021-01-24T00:35:47Z Equity loans https://ttlc.intuit.com/community/home-loans/discussion/equity-loans/01/1756552#M1033 <P>I’m looking for a loan on my equity how do I get that&nbsp;</P> Wed, 16 Dec 2020 21:13:19 GMT https://ttlc.intuit.com/community/home-loans/discussion/equity-loans/01/1756552#M1033 My57 2020-12-16T21:13:19Z Login https://ttlc.intuit.com/community/home-loans/discussion/login/01/1748591#M1031 Mon, 30 Nov 2020 19:09:39 GMT https://ttlc.intuit.com/community/home-loans/discussion/login/01/1748591#M1031 Gaylejanine 2020-11-30T19:09:39Z prepay then refi on small loan vs. refi bigger loan with large downpayment https://ttlc.intuit.com/community/home-loans/discussion/prepay-then-refi-on-small-loan-vs-refi-bigger-loan-with-large-downpayment/01/1743985#M1021 <P>Hello!</P><P>I need help with the following situation and would appreciate some input:<BR />I have 160k cash available<BR />I have a 240k mortgage at a high rate (4.5%)</P><P>&nbsp;</P><P>Should I:<BR />a) pay down my mortgage immediately with 160k, then refinance on a 80k mortgage.<BR />b) refinance immediately on a new 240k mortgage, using 160k as a bigger downpayment.<BR />c) it doesn't matter</P><P>&nbsp;</P><P>Thank you! Any help would be great!</P> Mon, 16 Nov 2020 17:56:20 GMT https://ttlc.intuit.com/community/home-loans/discussion/prepay-then-refi-on-small-loan-vs-refi-bigger-loan-with-large-downpayment/01/1743985#M1021 magicrobots 2020-11-16T17:56:20Z what is the best way to take out money in ira account for payoff of mortage https://ttlc.intuit.com/community/home-loans/discussion/what-is-the-best-way-to-take-out-money-in-ira-account-for-payoff-of-mortage/01/1742979#M1018 Fri, 13 Nov 2020 12:52:17 GMT https://ttlc.intuit.com/community/home-loans/discussion/what-is-the-best-way-to-take-out-money-in-ira-account-for-payoff-of-mortage/01/1742979#M1018 relrodjr 2020-11-13T12:52:17Z Should I pay off my house? https://ttlc.intuit.com/community/home-loans/discussion/should-i-pay-off-my-house/01/1739862#M1008 Tue, 03 Nov 2020 10:14:28 GMT https://ttlc.intuit.com/community/home-loans/discussion/should-i-pay-off-my-house/01/1739862#M1008 sgarc90 2020-11-03T10:14:28Z 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 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
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<channel>
<title>Home loans topics</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/02/213</link>
<description>Home loans topics</description>
<pubDate>Sun, 01 Aug 2021 00:41:13 GMT</pubDate>
<dc:creator>213</dc:creator>
<dc:date>2021-08-01T00:41:13Z</dc:date>
<item>
<title>10 houses maximum financed-property limit</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/10-houses-maximum-financed-property-limit/01/2319982#M1302</link>
<description><P>&nbsp;</P><P>I was told that&nbsp;Fannie Mae has 10 houses maximum&nbsp;financed-property limit.&nbsp; Does it mean if once we have 10 houses, we will not be able to finance another one? Is there any way we can lift this limit?</P><P><BR />Thanks for your attention!</P><P>&nbsp;</P></description>
<pubDate>Tue, 22 Jun 2021 01:29:17 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/10-houses-maximum-financed-property-limit/01/2319982#M1302</guid>
<dc:creator>Chris2</dc:creator>
<dc:date>2021-06-22T01:29:17Z</dc:date>
</item>
<item>
<title>Heloc Loan and Home Improvements</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/heloc-loan-and-home-improvements/01/2308987#M1300</link>
<description><P>I'm thinking of getting a HELOC loan to do home improvements. Where can I find out whether the home improvements I have in mind would qualify for the interest of the HELOC to be deductible? For example, I need to replace my 40 year old windows, need to install ceiling lights in living room, need new flooring in living room, need painting done, and need to upgrade laundry room with flooring and new washer/dryer. Would washer/dryer be considered home improvement or not? Painting? Windows, etc? Or are some of these non-home improvement. Replacing table, bookcases, sofa in living room would be non-home improvement, right?</P></description>
<pubDate>Fri, 04 Jun 2021 19:40:11 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/heloc-loan-and-home-improvements/01/2308987#M1300</guid>
<dc:creator>PAToney</dc:creator>
<dc:date>2021-06-04T19:40:11Z</dc:date>
</item>
<item>
<title>Turbo Tax 2020</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/turbo-tax-2020/01/2299128#M1299</link>
<description><P>I need help understanding my tax results. I did not get all my money. And the IRS. Gov website indicated , "can not find account information on refund account. Turbo tax did my taxes for 2020.&nbsp;</P></description>
<pubDate>Fri, 21 May 2021 19:51:16 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/turbo-tax-2020/01/2299128#M1299</guid>
<dc:creator>Eminchee</dc:creator>
<dc:date>2021-05-21T19:51:16Z</dc:date>
</item>
<item>
<title>how to correctly input two 1098s for a mortgage loan that was refinanced with same lender.</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/how-to-correctly-input-two-1098s-for-a-mortgage-loan-that-was-refinanced-with-same-lender/01/2284473#M1298</link>
<description><P>In March 2020, I refinanced my prior mortgage loan and did it with the same lender. The original loan had mortgage interest and the new loan does not have any mortgage interest. I have read that you are to combine section 1 from both 1098s, and section 10 from both 1098s. Since I had mortgage interest on the original loan do I input it only for this loan in turbotax or enter it on the new loan? Also, it is combining the outstanding mortgage principal of the two loans resulting in over $1 million when each loan was only around $550k. Since I have the lender listed twice for receiving 1098s, I don't know which one is to contain zeros and which one is to contain the combined amounts. Can someone please walk me through it clearer?</P><P>&nbsp;</P><P>Here are the specifics:</P><P>original loan: section 1 $6457.59, section 2 $545940.49, section 3 mortgage origination date 1/25/19, section 5 $1427.58, section 6 zero, 7 box is not marked, section 10 $4541.28, section 11 blank</P><P>New loan: section 1 $15276.72, section 2 $555000, section 3 3/6/20, sections 4, 5,and 6 are zero, section 7 box is marked, section 10 $4863.72, section 11 is blank</P></description>
<pubDate>Mon, 17 May 2021 00:13:58 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/how-to-correctly-input-two-1098s-for-a-mortgage-loan-that-was-refinanced-with-same-lender/01/2284473#M1298</guid>
<dc:creator>SA_home</dc:creator>
<dc:date>2021-05-17T00:13:58Z</dc:date>
</item>
<item>
<title>Itemized mortgage interest</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/itemized-mortgage-interest/01/2283833#M1297</link>
<description><P>I itemized my deductions in 2019, but now Turbo Tax does not let me do that. It keeps saying that standard deductions will save me more on tax. How can I select itemized deduction in the desktop version?</P></description>
<pubDate>Sun, 16 May 2021 22:29:40 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/itemized-mortgage-interest/01/2283833#M1297</guid>
<dc:creator>applebee</dc:creator>
<dc:date>2021-05-16T22:29:40Z</dc:date>
</item>
<item>
<title>Mortgage interest form in deceased husband's name</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/mortgage-interest-form-in-deceased-husband-s-name/01/2271495#M1290</link>
<description><P>My husband passed away in 2018.&nbsp; His will is still in the probation process.&nbsp; Both of our names are on the deed, but because his name was listed first, the 1098s are in his name.&nbsp; I'm the only person paying the mortgage.&nbsp; How do I handle this on the tax form?</P></description>
<pubDate>Thu, 13 May 2021 14:46:17 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/mortgage-interest-form-in-deceased-husband-s-name/01/2271495#M1290</guid>
<dc:creator>clUlss</dc:creator>
<dc:date>2021-05-13T14:46:17Z</dc:date>
</item>
<item>
<title>Why am I repaying for first time home buyers for a property I bought after 2008 ?</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/why-am-i-repaying-for-first-time-home-buyers-for-a-property-i-bought-after-2008/01/2268082#M1289</link>
<description/>
<pubDate>Wed, 12 May 2021 14:20:38 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/why-am-i-repaying-for-first-time-home-buyers-for-a-property-i-bought-after-2008/01/2268082#M1289</guid>
<dc:creator>ticheyb</dc:creator>
<dc:date>2021-05-12T14:20:38Z</dc:date>
</item>
<item>
<title>Home Mortgage</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/home-mortgage/01/2260023#M1287</link>
<description><P>Good Afternoon,</P><P>I own a home with my in-laws and my wife (4 people on the title), My wife and I pay all the payments. How do I account for this in the program? Do I show they own a home? Do I give them credit for payments of taxes and interest that they didn't make?</P><P>Sincerely,</P><P>Harley</P></description>
<pubDate>Sun, 09 May 2021 18:01:46 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/home-mortgage/01/2260023#M1287</guid>
<dc:creator>Harley76543</dc:creator>
<dc:date>2021-05-09T18:01:46Z</dc:date>
</item>
<item>
<title>I sold rental property and purchased another home for rental. How to separate expenses for each property?</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/i-sold-rental-property-and-purchased-another-home-for-rental-how-to-separate-expenses-for-each/01/2254320#M1285</link>
<description/>
<pubDate>Thu, 06 May 2021 17:35:15 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/i-sold-rental-property-and-purchased-another-home-for-rental-how-to-separate-expenses-for-each/01/2254320#M1285</guid>
<dc:creator>DrGTsang</dc:creator>
<dc:date>2021-05-06T17:35:15Z</dc:date>
</item>
<item>
<title>Financing Home through Owner</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/financing-home-through-owner/01/2251864#M1283</link>
<description><P>I bought a home last year from the owner to whom I make payments for the purchase.&nbsp; How do I claim the interest I paid the owner for holding the mortgage on my home.</P></description>
<pubDate>Wed, 05 May 2021 16:00:08 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/financing-home-through-owner/01/2251864#M1283</guid>
<dc:creator>CSK49</dc:creator>
<dc:date>2021-05-05T16:00:08Z</dc:date>
</item>
<item>
<title>Not all Mortgage Points are deducted for a home purchased in 2020. Why?</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/not-all-mortgage-points-are-deducted-for-a-home-purchased-in-2020-why/01/2251047#M1281</link>
<description><P>On our 1098 form, it is written in box 6, we paid $1117 points.</P><P>In your Tax Guidance it is written "Note: <STRONG>If you purchased your home in 2020</STRONG> or refinanced it to make improvements, we'll deduct all of your points on your current tax return rather than amortize them over the life of the loan." We purchased our home in 2020. The mortgage is for 30 years starting in 2020. However, instead of getting all the points deducted, TurboTax is getting only $37 deducted. Why?</P></description>
<pubDate>Wed, 05 May 2021 02:40:58 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/not-all-mortgage-points-are-deducted-for-a-home-purchased-in-2020-why/01/2251047#M1281</guid>
<dc:creator>dinur</dc:creator>
<dc:date>2021-05-05T02:40:58Z</dc:date>
</item>
<item>
<title>Home Refinance</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/home-refinance/01/2248475#M1280</link>
<description><P>We refinanced in 2020.&nbsp; I have a 1098 from the original loan and a 1098 from the new lender.&nbsp; The original Outstanding mortgage principal was 172,626.&nbsp; The new amount is 202,000.&nbsp; Do I add these together, or enter them seperatly?&nbsp;</P></description>
<pubDate>Tue, 04 May 2021 00:39:47 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/home-refinance/01/2248475#M1280</guid>
<dc:creator>Ginalu22</dc:creator>
<dc:date>2021-05-04T00:39:47Z</dc:date>
</item>
<item>
<title>home loan interest on Homes</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/home-loan-interest-on-homes/01/2242123#M1276</link>
<description><P>I have 2 homes I pay mortgages on&nbsp;</P><P>&nbsp;</P><P>in turbotax, i entered in the first loan Interest of 14871.97</P><P>Then on my 2nd home, i Refinanced during the year.</P><P>The first loan says 15939.38 interest payed</P><P>the 2ndloan(refinancing the first) i paid 4993.39</P><P>&nbsp;</P><P>for a total of 35804.74</P><P>&nbsp;</P><P>now the strange part... i had entered the first 2, and it said i owed just over 900 federal taxes.</P><P>I then entered that 3rd entry of 4993, and my federal taxes went UP&nbsp; to 3200??</P><P>why would my taxes go UP after I enter in Mortgage interest?&nbsp;</P><P>&nbsp;</P><P>Thanks for your time.</P></description>
<pubDate>Fri, 30 Apr 2021 21:25:17 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/home-loan-interest-on-homes/01/2242123#M1276</guid>
<dc:creator>BruceBrand</dc:creator>
<dc:date>2021-04-30T21:25:17Z</dc:date>
</item>
<item>
<title>Loan amortization</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/loan-amortization/01/2236380#M1275</link>
<description><P>Hi.&nbsp; In 2014, I refinanced my rental property but forgot to set up amortization schedule and thus have not written off any of the fees. In 2020, I refinanced again and just now found that mistake.&nbsp; Total fees from the 2014 loan were $3,000 ($100 per year) and at this point I figure that still have 23 years left on that loan and was going to accelerate the amortization and write off the remaining balance of the approx. $2300 (23*100). Does that seem appropriate?</P><P>&nbsp;</P><P>As for the deduction that I lost for years 2014 – 2019, I don’t believe that it is worth refiling those tax returns.&nbsp; (Basically water under the bridge).&nbsp; Appreciate the help.</P></description>
<pubDate>Wed, 28 Apr 2021 03:27:44 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/loan-amortization/01/2236380#M1275</guid>
<dc:creator>JCOX3PASA1</dc:creator>
<dc:date>2021-04-28T03:27:44Z</dc:date>
</item>
<item>
<title>Loans</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/loans/01/2232693#M1273</link>
<description><P>Hello.&nbsp; I like to know if I qualify for a home loan. First time purchasing.&nbsp;</P><P>Thank you&nbsp;</P><P>Christy Overbay&nbsp;</P></description>
<pubDate>Mon, 26 Apr 2021 16:46:34 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/loans/01/2232693#M1273</guid>
<dc:creator>Cjoel100</dc:creator>
<dc:date>2021-04-26T16:46:34Z</dc:date>
</item>
<item>
<title>I am applying for a loan and I need a complete copy of my 2020 income tax. can you provide such?</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/i-am-applying-for-a-loan-and-i-need-a-complete-copy-of-my-2020-income-tax-can-you-provide-such/01/2230640#M1271</link>
<description/>
<pubDate>Sun, 25 Apr 2021 18:20:43 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/i-am-applying-for-a-loan-and-i-need-a-complete-copy-of-my-2020-income-tax-can-you-provide-such/01/2230640#M1271</guid>
<dc:creator>johnabrd</dc:creator>
<dc:date>2021-04-25T18:20:43Z</dc:date>
</item>
<item>
<title>Direct deposit</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/direct-deposit/01/2227339#M1269</link>
<description><P>My return was excepted on 5 April how long will it be before it gets to my bank account</P></description>
<pubDate>Fri, 23 Apr 2021 20:32:44 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/direct-deposit/01/2227339#M1269</guid>
<dc:creator>ADbrat7</dc:creator>
<dc:date>2021-04-23T20:32:44Z</dc:date>
</item>
<item>
<title>I have 2 homes on the same lot</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/i-have-2-homes-on-the-same-lot/01/2213269#M1267</link>
<description><P>I have 2 homes on the same lot, I rent one and live in one, how do I state that on my taxes?</P></description>
<pubDate>Sat, 17 Apr 2021 17:35:56 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/i-have-2-homes-on-the-same-lot/01/2213269#M1267</guid>
<dc:creator>dirchu</dc:creator>
<dc:date>2021-04-17T17:35:56Z</dc:date>
</item>
<item>
<title>What is the cost basis of a gift of equity purchase?</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/what-is-the-cost-basis-of-a-gift-of-equity-purchase/01/2209871#M1266</link>
<description><P>I plan to take over my parents house by paying the remaining mortgage. They bought this house for $100,000. This was their primary house and will be our primary house.</P><P>&nbsp;</P><P>FMV $550,000</P><P>remaining mortgage $350,000</P><P>gift of equity $200,000</P><P>&nbsp;</P><P>Questions:</P><P>1. There will be no capital gain for my parents as this is their primary house, correct?</P><P>2. What is the cost basis for me when I sell this house, $550,000 or $350,000?</P><P>3. If my parents still live in the house with us after the transfer without paying rent, is that going to be an IRS issue/red flag?</P><P>4. What is difference between the above setup and purchasing this house for $350,000 without gift of equity?</P><P>&nbsp;</P><P>Thanks for your help.</P><P>&nbsp;</P></description>
<pubDate>Fri, 16 Apr 2021 07:20:59 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/what-is-the-cost-basis-of-a-gift-of-equity-purchase/01/2209871#M1266</guid>
<dc:creator>Loaner</dc:creator>
<dc:date>2021-04-16T07:20:59Z</dc:date>
</item>
<item>
<title>Capital Gains And Cost Basis</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/capital-gains-and-cost-basis/01/2205520#M1262</link>
<description><P>Need the cost basis on a property that was gifted to me by family member. I rented the property from July 2015 to May 2018 when family member signed over the deed. I Sold the property on August 2019. Would the cost basis be the purchase&nbsp; price&nbsp; of the donor or the FMV when the deed was signed over ?&nbsp;</P></description>
<pubDate>Thu, 15 Apr 2021 03:25:10 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/capital-gains-and-cost-basis/01/2205520#M1262</guid>
<dc:creator>bills6</dc:creator>
<dc:date>2021-04-15T03:25:10Z</dc:date>
</item>
<item>
<title>First-time buyer financial assistance</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/first-time-buyer-financial-assistance/01/2185267#M1249</link>
<description><P>A granddaughter in Texas purchased her first residence in 2020.&nbsp; The Bank granted her $10,000 as part of a first-time buyer incentive program.&nbsp; This was reported as income on 1099-Misc.&nbsp; Is there any argument in support of treating this grant as non-taxable.</P></description>
<pubDate>Fri, 09 Apr 2021 16:04:35 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/first-time-buyer-financial-assistance/01/2185267#M1249</guid>
<dc:creator>Jjamesrussell</dc:creator>
<dc:date>2021-04-09T16:04:35Z</dc:date>
</item>
<item>
<title>Paid Origination & Discount Points but only able to input Origination Points</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/paid-origination-discount-points-but-only-able-to-input-origination-points/01/2180247#M1247</link>
<description><P>We purchased a new home in 2020 and as part of this process, we paid both Origination Points (Fees) as well as Discount Points to get the overall interest rate of our Mortage down about a single percentage point.&nbsp;</P><P>&nbsp;</P><P>However, as I am inputing the data into TurboTax, only the origination points are available for input. How do I input the discount points paid when we opened the loan?</P></description>
<pubDate>Wed, 07 Apr 2021 21:48:47 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/paid-origination-discount-points-but-only-able-to-input-origination-points/01/2180247#M1247</guid>
<dc:creator>mvadamski</dc:creator>
<dc:date>2021-04-07T21:48:47Z</dc:date>
</item>
<item>
<title>House Loan in Probate</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/house-loan-in-probate/01/2165376#M1239</link>
<description><P>My father passed in October of 2019, and my brother and I have been in the process of probate since then.&nbsp; There was a house involved and I have been making the payments since 2019, but did not claim any of the interest on taxes last year.&nbsp; The home loan has been changed to the "Estate" of my late father and we finally received forms stating my brother and I were name co-executors of his estate.&nbsp; Can I claim the house payments on my taxes?&nbsp; I have proof that I have been making the payments and the 1098 form.&nbsp; We have signed all the forms to close probate, but our court date is not scheduled until October of this year.</P></description>
<pubDate>Sat, 03 Apr 2021 02:11:06 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/house-loan-in-probate/01/2165376#M1239</guid>
<dc:creator>meescobedo</dc:creator>
<dc:date>2021-04-03T02:11:06Z</dc:date>
</item>
<item>
<title>Refinance - Home Mortgage Worksheet double counts outstanding balances</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/refinance-home-mortgage-worksheet-double-counts-outstanding-balances/01/2162445#M1237</link>
<description><P>I refinanced an existing mortgage in July 2020. TurboTax prompted me to combine the Box 1 mortgage interest from both 1098 Forms in the worksheet for the loan I paid off. No problem there. However, TurboTax also prompted me to enter the Box 2 Outstanding Mortgage Principal for the paid-off loan&nbsp;(with a 1/1/20 Box 2 balance of $730,000 (rounded)), plus the payoff amount at closing ($720,000). For the refinanced loan, I entered the new mortgage Box 2 amount ($625,000 at origination) and the 12/31/20 balance ($615,000). The supporting loan worksheet appears to assume both loans were outstanding throughout 2020, calculating an average 2020 mortgage balance of $725,000 + $620,000 = 1,345,000. Since the IRS disallows interest deductions on loans over $750,000, the software limits my interest deduction to $750,000/1,345,000 = 56% of the actual interest I paid. What's the work-around for this??? Leaving Box 2 blank gives an error.</P></description>
<pubDate>Fri, 02 Apr 2021 02:41:59 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/refinance-home-mortgage-worksheet-double-counts-outstanding-balances/01/2162445#M1237</guid>
<dc:creator>EAM76</dc:creator>
<dc:date>2021-04-02T02:41:59Z</dc:date>
</item>
<item>
<title>Home equity loan to pay off mortgage balance</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/home-equity-loan-to-pay-off-mortgage-balance/01/2152738#M1232</link>
<description><P>I tried to refinance my mortgage but was told by three banks that the size of the loan was too small. Finally, my credit union gave me a home equity loan to pay off the $27,000 mortgage. Is the interest on that loan deductable?</P></description>
<pubDate>Tue, 30 Mar 2021 20:16:56 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/home-equity-loan-to-pay-off-mortgage-balance/01/2152738#M1232</guid>
<dc:creator>rlichty99</dc:creator>
<dc:date>2021-03-30T20:16:56Z</dc:date>
</item>
<item>
<title>refinance my two family home</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/refinance-my-two-family-home/01/2135580#M1224</link>
<description><P>I refinance my 2 family home-lived in 1 unit and rented the other unit. I received 2 1098 this year, how can I deduct the closing costs and which closing costs are deductible (loan costs, recording fees, prepaid insurance premium, prepaid interest, property taxes, initial escrow payment at closing; these are the items listed on my closing cost details) ? Also, I paid $400 on the points of the new loan.&nbsp;</P><P>&nbsp;</P><P>thanks in advance!!</P><P>&nbsp;</P></description>
<pubDate>Fri, 26 Mar 2021 00:30:44 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/refinance-my-two-family-home/01/2135580#M1224</guid>
<dc:creator>huichen88112</dc:creator>
<dc:date>2021-03-26T00:30:44Z</dc:date>
</item>
<item>
<title>I refinanced my home in 2020 and received some cash equity. I used some of it to pay off credit cards and $14,000.00 to repair the foundation of the home. I paid $1664.00 in origination charges; how do I express this on my Turbo tax</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/i-refinanced-my-home-in-2020-and-received-some-cash-equity-i-used-some-of-it-to-pay-off-credit-cards/01/2131512#M1221</link>
<description/>
<pubDate>Wed, 24 Mar 2021 23:22:59 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/i-refinanced-my-home-in-2020-and-received-some-cash-equity-i-used-some-of-it-to-pay-off-credit-cards/01/2131512#M1221</guid>
<dc:creator>kwcarter39</dc:creator>
<dc:date>2021-03-24T23:22:59Z</dc:date>
</item>
<item>
<title>Refinance and form 1098</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/refinance-and-form-1098/01/2130598#M1220</link>
<description><P>We refinanced our home in 2020, with the same company as the original loan. However, we did not meet the amount of $375,000. Do I still combine the information from both 1098 forms? Also, the refinanced outstanding principal was a little higher than the outstanding principal on the original loan. Which amounts do I use?</P><P>&nbsp;</P></description>
<pubDate>Wed, 24 Mar 2021 19:43:41 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/refinance-and-form-1098/01/2130598#M1220</guid>
<dc:creator>jans1</dc:creator>
<dc:date>2021-03-24T19:43:41Z</dc:date>
</item>
<item>
<title>Mortgage Interest</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/mortgage-interest/01/2127029#M1216</link>
<description><P>I have four 1098s because I refinanced and the loan got sold two times thereafter. So after I combine the interest paid in Box 1, should I then check the box below it that states "The interest amount I entered is different than what's on my 1098."</P><P>Thanks</P></description>
<pubDate>Tue, 23 Mar 2021 21:10:05 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/mortgage-interest/01/2127029#M1216</guid>
<dc:creator>Arahova</dc:creator>
<dc:date>2021-03-23T21:10:05Z</dc:date>
</item>
<item>
<title>Rental Property-principal payments</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/rental-property-principal-payments/01/2126321#M1214</link>
<description><P>how do I deduct as an expense my principal payments on my rental property?</P></description>
<pubDate>Tue, 23 Mar 2021 18:35:23 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/rental-property-principal-payments/01/2126321#M1214</guid>
<dc:creator>CLOYDBETH</dc:creator>
<dc:date>2021-03-23T18:35:23Z</dc:date>
</item>
<item>
<title>Home equity loan to purchase rental property</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/home-equity-loan-to-purchase-rental-property/01/2112978#M1210</link>
<description><P>We purchased rental property by getting a home equity loan on the home we live in.&nbsp; Can we use the interest on the equity loan as an expense on the rental property?</P></description>
<pubDate>Sat, 20 Mar 2021 15:27:32 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/home-equity-loan-to-purchase-rental-property/01/2112978#M1210</guid>
<dc:creator>ksguerre</dc:creator>
<dc:date>2021-03-20T15:27:32Z</dc:date>
</item>
<item>
<title>home sale</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/home-sale/01/2111622#M1208</link>
<description><P>What form do I need if I sold my house?</P></description>
<pubDate>Sat, 20 Mar 2021 00:58:04 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/home-sale/01/2111622#M1208</guid>
<dc:creator>mghenderson222</dc:creator>
<dc:date>2021-03-20T00:58:04Z</dc:date>
</item>
<item>
<title>Cash- Out Refinance</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/cash-out-refinance/01/2095021#M1202</link>
<description><P>Refinanced a $530,214 mortgage at the end of 2019 to include cash out of $328,654. &nbsp;New mortgage is now $858,868 at an interest rate of 4.5%. &nbsp;The cash out was not used for home improvements. &nbsp;My Form 1098 from new lender shows total interest paid for 2020 based on the entire $858,868. &nbsp;I know I cannot deduct interest on the cash out of $323,654, but can I deduct interest on the $530,214? &nbsp;How would I figure out how much interest to deduct and how would I do this on turbo tax? &nbsp;Turbo tax only asks for total interest and if any portion of cash out was used for home improvements. &nbsp;When I answer that the cash out was not used for home improvements, it appears to now allow any write off of any portion of the loan. &nbsp;</P></description>
<pubDate>Tue, 16 Mar 2021 23:28:53 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/cash-out-refinance/01/2095021#M1202</guid>
<dc:creator>terrie</dc:creator>
<dc:date>2021-03-16T23:28:53Z</dc:date>
</item>
<item>
<title>cash out refinance with Home improvement over 2020 & 2021</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/cash-out-refinance-with-home-improvement-over-2020-2021/01/2088662#M1197</link>
<description><P>In 2020 refinanced with 20K cash out.&nbsp; We used much of the money for home improvements, but some invoices are dated and paid 2021 (January).&nbsp; Can we claim on 2020 taxes if some invoices have 2021 dates?&nbsp;&nbsp;</P></description>
<pubDate>Tue, 16 Mar 2021 00:30:12 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/cash-out-refinance-with-home-improvement-over-2020-2021/01/2088662#M1197</guid>
<dc:creator>Lemur22</dc:creator>
<dc:date>2021-03-16T00:30:12Z</dc:date>
</item>
<item>
<title>Where do I input a home equity loan that is different from home mortgage?</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/where-do-i-input-a-home-equity-loan-that-is-different-from-home-mortgage/01/2074608#M1189</link>
<description><P>Home equity loan</P></description>
<pubDate>Sat, 13 Mar 2021 21:03:56 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/where-do-i-input-a-home-equity-loan-that-is-different-from-home-mortgage/01/2074608#M1189</guid>
<dc:creator>davelambert</dc:creator>
<dc:date>2021-03-13T21:03:56Z</dc:date>
</item>
<item>
<title>Paid of land loan and now have construction loan</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/paid-of-land-loan-and-now-have-construction-loan/01/2071146#M1188</link>
<description><P>Hello,</P><P>&nbsp;</P><P>Last year, we paid off our land loan and we started our construction loan.&nbsp; I entered the data in TurboTax to match the tax documents I received from the bank, but TT won't let me continue until I add in 'Borrowed in 2020' but if I put in a number there - it won't match the tax forms.&nbsp; The tax forms from the bank show a balance as of January 2020, but we didn't get the construction loan until June.&nbsp; There was only one draw taken in 2020.&nbsp; Do I put that or the whole amount, even though I haven't technically borrowed (drawn) that full amount?&nbsp; And why does it matter anyway?!?!&nbsp; It's to complete a worksheet - how much I borrowed last year doesn't affect my taxes.&nbsp; Please advise.</P></description>
<pubDate>Sat, 13 Mar 2021 01:41:29 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/paid-of-land-loan-and-now-have-construction-loan/01/2071146#M1188</guid>
<dc:creator>TaxKZ</dc:creator>
<dc:date>2021-03-13T01:41:29Z</dc:date>
</item>
<item>
<title>in between tenants</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/in-between-tenants/01/2070551#M1186</link>
<description><P>I have a rental that was vacant all 2020 year to do extensive repairs.&nbsp; It required&nbsp; a complete remodel to eliminate black mold throughout the house, paint, replace all flooring, replace appliances, install new floor drain tile, remove and replace drywall etc.&nbsp; The repairs will improve the property since the appliances, flooring, fixtures etc. will be new, but the repairs were necessary due to the damage.&nbsp; No one could move in during this time.&nbsp; Are any of these expenses deductible in 2020 tax return? I also continued to pay property taxes and utility bills during this time.&nbsp; Are these expenses deductible.&nbsp; Some repairs cost over $600, I do not know how to answer the&nbsp;Form 1099-NEC questions.</P></description>
<pubDate>Fri, 12 Mar 2021 23:34:58 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/in-between-tenants/01/2070551#M1186</guid>
<dc:creator>gjgogol</dc:creator>
<dc:date>2021-03-12T23:34:58Z</dc:date>
</item>
<item>
<title>Refinanced mortgage outstanding loan balance</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/refinanced-mortgage-outstanding-loan-balance/01/2053738#M1178</link>
<description><P>We have refinanced in 2020 with the following information and received 3 1098 forms.</P><P>&nbsp;</P><P>Company A: original loan of 500k.</P><P>Company B: refinanced with 400k after paid off 100k difference and 400k to A.</P><P>Company C: B loan transferred/bought over by company C that we are currently paying the mortgage of 400k with.</P><P>&nbsp;</P><P>On the mortgage interest form, turbotax asks for more information:</P><P>What was the outstanding loan balance on Jan 1, 2021, if you paid off in 2020, enter the balance on the day you paid off.&nbsp;</P><P>&nbsp;</P><P>Should I enter like this?&nbsp;</P><P>&nbsp;</P><P>1) Company A: 500k</P><P>2) Company B: 400k</P><P>3) Company C: 400k</P><P>&nbsp;</P><P>It is not triple counting? want to check the TurboTax gets the net loan of 400k correctly this way.</P><P>&nbsp;</P></description>
<pubDate>Tue, 09 Mar 2021 21:19:25 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/refinanced-mortgage-outstanding-loan-balance/01/2053738#M1178</guid>
<dc:creator>onemoment</dc:creator>
<dc:date>2021-03-09T21:19:25Z</dc:date>
</item>
<item>
<title>Interest accrued &added to loan balance on a reverse mortgage. Deductible?</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/interest-accrued-added-to-loan-balance-on-a-reverse-mortgage-deductible/01/2048272#M1177</link>
<description><P>Interest accrued &amp;added to loan balance on a reverse mortgage. Deductible?</P></description>
<pubDate>Mon, 08 Mar 2021 21:57:15 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/interest-accrued-added-to-loan-balance-on-a-reverse-mortgage-deductible/01/2048272#M1177</guid>
<dc:creator>arthurbrown6151</dc:creator>
<dc:date>2021-03-08T21:57:15Z</dc:date>
</item>
<item>
<title>Question regarding new law on old refinance</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/question-regarding-new-law-on-old-refinance/01/2048158#M1176</link>
<description><P>Refinanced my home in 2018.&nbsp; Loan was for $400,000.&nbsp; Had $270,000 in equity.&nbsp; Took out $130,000 in cash and fees to pay other debt.</P><P>&nbsp;</P><P>What value do I put into TurboTax where it asks "Since you first took out this loan, how much has been spent to buy, improve, or build the home it's secured by?"&nbsp; I would think I would put in the $270,000 but not certain.&nbsp; TurboTax is giving me the standard deduction and it doesn't seem correct.&nbsp; At least some of the $17,000 in mortgage interest should be getting applied.&nbsp; Showing as $0 in the end summary.</P></description>
<pubDate>Mon, 08 Mar 2021 21:41:12 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/question-regarding-new-law-on-old-refinance/01/2048158#M1176</guid>
<dc:creator>BarryJames1959</dc:creator>
<dc:date>2021-03-08T21:41:12Z</dc:date>
</item>
<item>
<title>Mortgage Deductions</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/mortgage-deductions/01/2043268#M1173</link>
<description><P>I had 2 refi's last year. &nbsp;For each Turbo Tax is asking "what was the amount you used to build, buy or improve your home." &nbsp;Is this referring to (1) the original loan amount or (2) the amount paid last year (principal + interest) or (3) something else? &nbsp;Thanks in advance for the help.</P></description>
<pubDate>Sun, 07 Mar 2021 23:30:23 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/mortgage-deductions/01/2043268#M1173</guid>
<dc:creator>ehm2</dc:creator>
<dc:date>2021-03-07T23:30:23Z</dc:date>
</item>
<item>
<title>Refinance home loan twice</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/refinance-home-loan-twice/01/2042632#M1171</link>
<description><P>I refinanced my home loan twice last year with the original lender.&nbsp;&nbsp; I received two 1098 forms.&nbsp; One 1098 form has the mortgage origination date&nbsp; as the original date and the second one has it with the refinance date.&nbsp; Which form should I enter for the outstanding mortgage principal amount?</P></description>
<pubDate>Sun, 07 Mar 2021 21:45:57 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/refinance-home-loan-twice/01/2042632#M1171</guid>
<dc:creator>dakdec</dc:creator>
<dc:date>2021-03-07T21:45:57Z</dc:date>
</item>
<item>
<title>Closed on house December 2020</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/closed-on-house-december-2020/01/2024539#M1159</link>
<description><P>We closed on our house in December 2020 and did not make a house payment until 2021. How do I enter in my closing costs. I do not have form 1098. I do have all my closing papers.</P></description>
<pubDate>Thu, 04 Mar 2021 01:36:49 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/closed-on-house-december-2020/01/2024539#M1159</guid>
<dc:creator>duanel</dc:creator>
<dc:date>2021-03-04T01:36:49Z</dc:date>
</item>
<item>
<title>refinancing</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/refinancing/01/2000554#M1146</link>
<description><P>I paid a home loan off early and paid a penalty is this a tax write off?</P></description>
<pubDate>Sat, 27 Feb 2021 22:29:26 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/refinancing/01/2000554#M1146</guid>
<dc:creator>mazdatb</dc:creator>
<dc:date>2021-02-27T22:29:26Z</dc:date>
</item>
<item>
<title>Home Mortgage</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/home-mortgage/01/1988904#M1142</link>
<description><P>Last year some of my mortgage interest payments were made to a brokerage and no 1098 was issued. &nbsp;The TurboTax interview &nbsp;does not ask for payments made without a 1098 being issued. &nbsp;How do I report this mortgage interest?</P></description>
<pubDate>Thu, 25 Feb 2021 19:09:37 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/home-mortgage/01/1988904#M1142</guid>
<dc:creator>stevej3</dc:creator>
<dc:date>2021-02-25T19:09:37Z</dc:date>
</item>
<item>
<title>Loan from a foreign relative</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/loan-from-a-foreign-relative/01/1984334#M1141</link>
<description><P>Hi,</P><P>My mother (Mexican Citizen / Non-US Resident), has offered to give me a sizeable loan ($200K) to purchase a home in the US. The funds are in a US Based Bank Account, she wants to make the loan to me with zero interest.&nbsp;<BR />Are there any tax implications to this?&nbsp;<BR />I am planning on creating a promissory note for the loan and keep it for documentation whenever or if ever all those transfers ring any alarms from the IRS.<BR /><BR />Any one have experience with this? How should I approach this?</P></description>
<pubDate>Wed, 24 Feb 2021 22:00:42 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/loan-from-a-foreign-relative/01/1984334#M1141</guid>
<dc:creator>pablo86</dc:creator>
<dc:date>2021-02-24T22:00:42Z</dc:date>
</item>
<item>
<title>Return rejected for first time home buyer credit. How do I repay what I owe?</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/return-rejected-for-first-time-home-buyer-credit-how-do-i-repay-what-i-owe/01/1978683#M1137</link>
<description><P>Everytime I select that I sold the house in 2019 it says I owe $0 which I know not to be true. The IRS already rejected my return once for this.</P></description>
<pubDate>Tue, 23 Feb 2021 23:30:55 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/return-rejected-for-first-time-home-buyer-credit-how-do-i-repay-what-i-owe/01/1978683#M1137</guid>
<dc:creator>SanidyG</dc:creator>
<dc:date>2021-02-23T23:30:55Z</dc:date>
</item>
<item>
<title>Is home mortgage to buy another house considered income?</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/is-home-mortgage-to-buy-another-house-considered-income/01/1956159#M1132</link>
<description><P>I obtained a home mortgage on my own home to buy another home that became a rental property.</P><P>Is the money I received considered income (and taxable)?</P></description>
<pubDate>Fri, 19 Feb 2021 23:18:50 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/is-home-mortgage-to-buy-another-house-considered-income/01/1956159#M1132</guid>
<dc:creator>Somebody42</dc:creator>
<dc:date>2021-02-19T23:18:50Z</dc:date>
</item>
<item>
<title>I took HELOC in 2020 but haven't used any money from it. Can I get the full deduction for 2020 tax return?</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/i-took-heloc-in-2020-but-haven-t-used-any-money-from-it-can-i-get-the-full-deduction-for-2020-tax/01/1940933#M1128</link>
<description><P>I took HELOC in 2020, but I haven't used the money at all. Can I still get the full deduction for Year 2020 tax retrun?</P></description>
<pubDate>Wed, 17 Feb 2021 18:04:26 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/i-took-heloc-in-2020-but-haven-t-used-any-money-from-it-can-i-get-the-full-deduction-for-2020-tax/01/1940933#M1128</guid>
<dc:creator>chermawa</dc:creator>
<dc:date>2021-02-17T18:04:26Z</dc:date>
</item>
<item>
<title>Mortgage Interest Limit</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/mortgage-interest-limit/01/1924317#M1121</link>
<description><P>This is my first time using TurboTax. I purchased our home in June 2019 and refinanced with the same lender in Sept. 2020 for lower interest rate and to pull a small amount of cash out for home improvements. Both were 30 year mortgages less than 750,000.&nbsp; The original loan had discount points that were amortized over the life of the loan.&nbsp; The new loan also had points.&nbsp; When I enter all the information for the 2 loans the number look ok in the worksheets put when ultimately printing out the PDF of the 1040 and Schedules the mortgage interest reported is less than the sum of the 2 interests reported on the 1098's and in fact it is less than the interest on either of the loans. I had 2 loans last tax season, though neither were refi loans (one from a previous property and the other for the new property described above. In that case the mortgage interest reported was in fact the sum of the 2 interests from the 2 1098's.</P><P>&nbsp;</P><P>What is going on?</P></description>
<pubDate>Sun, 14 Feb 2021 23:18:05 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/mortgage-interest-limit/01/1924317#M1121</guid>
<dc:creator>brpoole278478</dc:creator>
<dc:date>2021-02-14T23:18:05Z</dc:date>
</item>
<item>
<title>Mortgage Interest and Property Taxes</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/mortgage-interest-and-property-taxes/01/1903485#M1097</link>
<description><P>We own a home my son and his wife rent from us. This past year he paid the mortgage and the property taxes on the home to show the bank that he could pay the mortgage so he can eventually finance the house in his name. The mortgage is in our names, but the property taxes are in our names as well as my son's. Can he claim the mortgage interest and the property taxes on his return?&nbsp;</P></description>
<pubDate>Wed, 10 Feb 2021 23:59:29 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/mortgage-interest-and-property-taxes/01/1903485#M1097</guid>
<dc:creator>highreturn</dc:creator>
<dc:date>2021-02-10T23:59:29Z</dc:date>
</item>
<item>
<title>VA Funding Fee</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/va-funding-fee/01/1876491#M1085</link>
<description><P>What if my mortgage company didn't put the funding fee in box 5. Can I just enter it in the same 1098 when I enter it on TurboTax or do I need a corrected 1098?&nbsp;</P></description>
<pubDate>Fri, 05 Feb 2021 03:17:50 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/va-funding-fee/01/1876491#M1085</guid>
<dc:creator>r8ders99</dc:creator>
<dc:date>2021-02-05T03:17:50Z</dc:date>
</item>
<item>
<title>Mortgage lender sells loan - should I report it as payoff in TurboTax</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/mortgage-lender-sells-loan-should-i-report-it-as-payoff-in-turbotax/01/1876263#M1084</link>
<description><P>I purchased a second home where I used the builder's mortgage company.&nbsp; I paid a 1% discount point to buydown the interest rate which was approximately $4,000.&nbsp; I settled on May 8, 2020 and the mortgage company sold the loan to Wells Fargo on May 17, 2020 (9 days later).&nbsp; When I try to report the discount point in Turbotax, it asks me on whether I payed off the original loan with the builder or not.&nbsp; How do I report this?</P></description>
<pubDate>Fri, 05 Feb 2021 02:07:23 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/mortgage-lender-sells-loan-should-i-report-it-as-payoff-in-turbotax/01/1876263#M1084</guid>
<dc:creator>saltip</dc:creator>
<dc:date>2021-02-05T02:07:23Z</dc:date>
</item>
<item>
<title>covid delay on spending refi money on home improvement</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/covid-delay-on-spending-refi-money-on-home-improvement/01/1876200#M1083</link>
<description><P>We refied our mortgage in 2020 and took out $100k in equity to&nbsp; spend on&nbsp; home improvements.</P><P>The work was delayed until&nbsp; TBD due to Covid,&nbsp; so the money is just sitting in a savings account until&nbsp; then.</P><P>Since we are&nbsp; going to&nbsp; spend 100% of money out on improving the house but we didn't actually spend it in&nbsp; 2020 what do i&nbsp; say regarding how much of the refi is going towards home improvement??</P><P>Do i&nbsp; say&nbsp; 100% because it will be in the future or 0% because it wasn't spent in 2020??</P></description>
<pubDate>Fri, 05 Feb 2021 01:52:19 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/covid-delay-on-spending-refi-money-on-home-improvement/01/1876200#M1083</guid>
<dc:creator>wilfsdad1965</dc:creator>
<dc:date>2021-02-05T01:52:19Z</dc:date>
</item>
<item>
<title>Can't find my bank to enter 1098 information</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/can-t-find-my-bank-to-enter-1098-information/01/1831095#M1059</link>
<description><P>I have a home loan with Huntington Bank and a 1098 form for 2020. I go into the deductions &amp; credits section. Get to this section where it tells me to find my bank.&nbsp;</P><P>&nbsp;</P><DIV class="header-title">Let's import your tax info</DIV><DIV class="header-subtitle">We’ll help you find and import info from your bank or financial institution.</DIV><DIV class="header-subtitle">&nbsp;</DIV><DIV class="header-subtitle">Then it says...</DIV><DIV class="header-subtitle">&nbsp;</DIV><DIV class="header-subtitle"><SPAN>Hmm, we can’t find&nbsp;</SPAN><STRONG>Huntington</STRONG><SPAN>&nbsp;in our list of supported banks.</SPAN></DIV><DIV class="header-subtitle">&nbsp;</DIV><DIV class="header-subtitle"><SPAN>So now I am completely stuck and have no idea on how I proceed to enter my 1098 information. Any help would be appreciated.</SPAN></DIV></description>
<pubDate>Tue, 26 Jan 2021 22:32:47 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/can-t-find-my-bank-to-enter-1098-information/01/1831095#M1059</guid>
<dc:creator>RedIsNotBlue1</dc:creator>
<dc:date>2021-01-26T22:32:47Z</dc:date>
</item>
<item>
<title>Mortgage interest 1098 form</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/mortgage-interest-1098-form/01/1814042#M1056</link>
<description><P>I was working on my taxes and when I got to the section of mortgage interest it took me to a screen where I had to enter my bank and login and password to get 1098 forms uploaded.&nbsp; &nbsp; &nbsp;I was reluctant on entering the information because I have been the victim of Identity theft.&nbsp; &nbsp; But I did enter and my bank sent me a code when I entered there was an error, I tried again and there was an error again.&nbsp; &nbsp;</P><P>&nbsp;</P><P>I want to make sure that this process is correct - I have never had to do this before in 8 years with Turbo Tax.</P><P>&nbsp;</P></description>
<pubDate>Thu, 21 Jan 2021 14:56:05 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/mortgage-interest-1098-form/01/1814042#M1056</guid>
<dc:creator>fattgar55</dc:creator>
<dc:date>2021-01-21T14:56:05Z</dc:date>
</item>
<item>
<title>home loan deductions & 1098's</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/home-loan-deductions-1098-s/01/1826504#M1052</link>
<description><P>I have several 1098's because we had our loan with one company, then we refinanced and the company we refi'd with then sold our loan to another company. When entering the info the question that asks 'it is the original loan you took out to purchase the property?' ...do we answer yes for the initial loan and then do we answer 'no, it's a loan that's been refinanced' for the 1098 from the refi? Then what do we answer for the loan that we currently have, which is the one that was sold by the company we refi'd with?</P><P>We are having an additional &nbsp;issue following that question...turbo tax is saying that based on the info we provided, we most likely need to limit the deductible mortgage interest on our home acquisition debt. Basically it thinks that we have a loan balance that exceeds $750,000, which we most certainly do not. Im not sure if there is an issue with one of our 1098s and incorrect data on them, or if I am misunderstanding something. Any help please? Thanks much</P></description>
<pubDate>Mon, 25 Jan 2021 20:47:14 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/home-loan-deductions-1098-s/01/1826504#M1052</guid>
<dc:creator>SR1515</dc:creator>
<dc:date>2021-01-25T20:47:14Z</dc:date>
</item>
<item>
<title>What is Dollar Amount of points paid</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/what-is-dollar-amount-of-points-paid/01/1823213#M1051</link>
<description/>
<pubDate>Sun, 24 Jan 2021 20:19:56 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/what-is-dollar-amount-of-points-paid/01/1823213#M1051</guid>
<dc:creator>anitarruiz</dc:creator>
<dc:date>2021-01-24T20:19:56Z</dc:date>
</item>
<item>
<title>California mortgage & Home Equity Interest</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/california-mortgage-home-equity-interest/01/1821357#M1049</link>
<description><P>If I max at the standard deduction, does that mean I show put my mortgage interest in the adjusted for interest on my state taxes. Since I cannot itemized, I do not believe I get a mortgage interest deduction, so I may need to adjust my stat interest from my 1098?</P></description>
<pubDate>Sun, 24 Jan 2021 00:35:47 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/california-mortgage-home-equity-interest/01/1821357#M1049</guid>
<dc:creator>thechadley1987</dc:creator>
<dc:date>2021-01-24T00:35:47Z</dc:date>
</item>
<item>
<title>Equity loans</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/equity-loans/01/1756552#M1033</link>
<description><P>I’m looking for a loan on my equity how do I get that&nbsp;</P></description>
<pubDate>Wed, 16 Dec 2020 21:13:19 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/equity-loans/01/1756552#M1033</guid>
<dc:creator>My57</dc:creator>
<dc:date>2020-12-16T21:13:19Z</dc:date>
</item>
<item>
<title>Login</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/login/01/1748591#M1031</link>
<description/>
<pubDate>Mon, 30 Nov 2020 19:09:39 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/login/01/1748591#M1031</guid>
<dc:creator>Gaylejanine</dc:creator>
<dc:date>2020-11-30T19:09:39Z</dc:date>
</item>
<item>
<title>prepay then refi on small loan vs. refi bigger loan with large downpayment</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/prepay-then-refi-on-small-loan-vs-refi-bigger-loan-with-large-downpayment/01/1743985#M1021</link>
<description><P>Hello!</P><P>I need help with the following situation and would appreciate some input:<BR />I have 160k cash available<BR />I have a 240k mortgage at a high rate (4.5%)</P><P>&nbsp;</P><P>Should I:<BR />a) pay down my mortgage immediately with 160k, then refinance on a 80k mortgage.<BR />b) refinance immediately on a new 240k mortgage, using 160k as a bigger downpayment.<BR />c) it doesn't matter</P><P>&nbsp;</P><P>Thank you! Any help would be great!</P></description>
<pubDate>Mon, 16 Nov 2020 17:56:20 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/prepay-then-refi-on-small-loan-vs-refi-bigger-loan-with-large-downpayment/01/1743985#M1021</guid>
<dc:creator>magicrobots</dc:creator>
<dc:date>2020-11-16T17:56:20Z</dc:date>
</item>
<item>
<title>what is the best way to take out money in ira account for payoff of mortage</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/what-is-the-best-way-to-take-out-money-in-ira-account-for-payoff-of-mortage/01/1742979#M1018</link>
<description/>
<pubDate>Fri, 13 Nov 2020 12:52:17 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/what-is-the-best-way-to-take-out-money-in-ira-account-for-payoff-of-mortage/01/1742979#M1018</guid>
<dc:creator>relrodjr</dc:creator>
<dc:date>2020-11-13T12:52:17Z</dc:date>
</item>
<item>
<title>Should I pay off my house?</title>
<link>https://ttlc.intuit.com/community/home-loans/discussion/should-i-pay-off-my-house/01/1739862#M1008</link>
<description/>
<pubDate>Tue, 03 Nov 2020 10:14:28 GMT</pubDate>
<guid>https://ttlc.intuit.com/community/home-loans/discussion/should-i-pay-off-my-house/01/1739862#M1008</guid>
<dc:creator>sgarc90</dc:creator>
<dc:date>2020-11-03T10:14:28Z</dc:date>
</item>
<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>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>
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<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>
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