topic Loan now showing up as an asset in Get your taxes done using TurboTax

Loan now showing up as an asset

betabob — Fri, 25 Aug 2023 23:48:53 GMT

I have a mortgage that I’ve been tracking in Mint via my Charles Schwab account. Up until 3 days ago the balance of that mortgage was showing up properly, i.e. it was showing up as a debit. However, now the balance is showing up as an asset, i.e. it’s displaying a positive balance instead of negative. I logged in Schwab to see if there was something weird going on on their end, but now…it shows up there properly as a debit. Seems like this is a bug in Mint and/or a bug in whatever service it uses (Yodlee?) to sync with external accounts.

Bob

Re: Loan now showing up as an asset

Bsch4477 — Fri, 25 Aug 2023 23:53:08 GMT

This is a tax law and TurboTax user site.

Re: Loan now showing up as an asset

Mike9241 — Sat, 26 Aug 2023 00:01:26 GMT

mortgages payable are a liability and should be a credit. on the other hand, if you are the mortgage holder, (you are the mortgagor) then it should be a debit. so if it's a mortgage payable, then evidently from day 1 it was shown incorrectly since it is a debit (positive balance) which is an asset

Re: Loan now showing up as an asset

betabob — Sat, 26 Aug 2023 00:15:54 GMT

You're right. It should (and actually does) show up as a credit on the overview page. However, what is messed up is how Mint is calculating my net worth. My net worth is now displaying a number that is higher than it should by exactly 2x the mortgage balance.

I have a separate mortgage account, and the balance of that account is still reflected properly when Mint calculates my net worth.