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fan-zhou
Returning Member

deductible home Mortgage Interest worksheet

I sold my home last year, so I have 2 1098 for two different homes. When I file home mortgage interest deduction, the worksheet has combined 2 loans as one to calculate qualified mortgage interest deduction. I thought each home should have $750,000 qualified mortgage interest deduction separately. Is that right? How should I file it in TurboTax Premier?  Thanks, 

3 Replies
Kat
Level 15
Level 15

deductible home Mortgage Interest worksheet

@fan-zhou This issue is well-known.  I'm going to share with you a screenshot of the "workaround".  It's the best TurboTax has been able to come up with for this year.  Thanks for your understanding.

 

Home Mortgage Refinance Solution.png

*** I am NOT a tax expert. I am a seasoned TurboTax user, and volunteer to provide assistance to TT users. Nothing I post is to be considered TAX ADVICE; I bear no legal liability for responses.***
fan-zhou
Returning Member

deductible home Mortgage Interest worksheet

@Kat Thanks for your reply, but the workaround is still not right. I should get all the interest deduction for the one I sold (<750k) and part of interest deduction for the one I have now(>750k). For the workaround, I can only get part of interest deduction for the sold one. 

GabiU
Community Manager

deductible home Mortgage Interest worksheet

Thanks for reporting your experience, and @Kat for bringing it to us. 

We'd like to look at this further, are you able to give us a copy of your tax return with your personal information removed? Here's how--

If you're using TurboTax Desktop follow the directions below: 

1. Click into your return. ​
2. Click Online and select "Send Tax File to Agent". ​
3. This will generate a message that a diagnostic copy will be created. Click on OK, the tax file gets sanitized and transmitted to us.​
4. Please provide the Token Number that was generated onto a response. 

 

If you're using TurboTax Online:

1. Sign into your online account.​
2. Locate the Tax Tools on the left hand side of the screen. ​
3. A Drop down will appear. Click on Share my file with agent.​
5. This will generate a message that a diagnostic copy will be created. Click on OK, the tax file gets sanitized and transmitted to us.​
6. Please provide the Token Number that was generated onto a response. ​

Thank you! I hope to hear from you soon. 

GabiU 

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