Where do I deduct timeshare interest that is no longer on a 1098 but is listed as Annual Summary of Vacation Ownership loan ?

KayC — Thu, 06 Jun 2019 00:33:44 GMT

The loan interest is considered "mortgage interest" even...

CathiM — Thu, 06 Jun 2019 00:33:45 GMT

The loan interest is considered "mortgage interest" even though you have no 1098. If you have a percentage of the ownership, the timeshare is considered a second home. On Schedule A this will go on Line 11 Home mortgage interest not reported to you on Form 1098. A second home is a residence that you intend to occupy in addition to a primary residence for part of the year. ... Often, to qualify for a second-home loan, the property must be located in a resort or vacation area (such as the mountains or near the ocean) or a certain distance from the borrower's primary residence.You can deduct home mortgage interest if the mortgage is a secured debt on a "qualified home" in which you have an ownership interest.

Here are the steps:

1) Select Federal Taxes from the top menu

2) Select Deductions/Credits (just below Federal Taxes)

3) Click the Edit/Add button next to Mortgage Interest, Refinancing, and Insurance

4) Select Add a Lender (you should be able to find the lender name or use name from the annual summary) and answer the interview questions. Keep your records.

topic The loan interest is considered "mortgage interest" even... in Deductions & credits

Where do I deduct timeshare interest that is no longer on a 1098 but is listed as Annual Summary of Vacation Ownership loan ?

The loan interest is considered "mortgage interest" even...