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Level 1
posted Feb 6, 2022 8:03:44 AM

Entering a 1098 for TimeShare Mortgage Interest Paid, and I do have a primary home which I refinanced in 2021

I have entered the two 1098 forms for my primary home which I refinanced in 2021. The original loan, and one for the refinance. I now have a 1098 to enter for the TimeShare that I have. Where do I enter the interest paid information for this 1098?

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1 Best answer
Expert Alumni
Feb 6, 2022 8:44:46 AM

If your timeshare is your only other home aside from your main home, you may deduct the interest as a secondary home. To do this in TurboTax:

  1. In the Federal > Deductions & Credits section of your return, scroll down to Your Home and click Revisit/Start next to Mortgage Interest and Refinancing (Form 1098)
  2. Add another 1098.
  3. Answer the questions and enter or verify the information as it appears on your 1098
  4. Answer What kind of property is this loan secured by? with Second home.

2 Replies
Expert Alumni
Feb 6, 2022 8:44:46 AM

If your timeshare is your only other home aside from your main home, you may deduct the interest as a secondary home. To do this in TurboTax:

  1. In the Federal > Deductions & Credits section of your return, scroll down to Your Home and click Revisit/Start next to Mortgage Interest and Refinancing (Form 1098)
  2. Add another 1098.
  3. Answer the questions and enter or verify the information as it appears on your 1098
  4. Answer What kind of property is this loan secured by? with Second home.

Level 1
Feb 9, 2022 5:03:39 AM

The suggestion given did work for me. Thank you