- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
I have three separate properties with mortgages. TurboTax allowed me to put in the mortgage interest for all three, even though I don't think that's allowed.
Accepted Solutions
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
I have three separate properties with mortgages. TurboTax allowed me to put in the mortgage interest for all three, even though I don't think that's allowed.
No, the program doesn't know that you have 3 properties, just because you entered 3 1098's. Individuals can have multiple 1098's for different loans on the same property. You will need to remove one of the home's mortgage interest.
You can write off 100 percent of the interest you pay on up to $1.1 million of debt secured by your first and second homes and used to acquire or improve the properties. (That's a total of $1.1 million of debt, not $1.1 million on each home.)
As long as the 1st mortgage, HELOC, and second home mortgage are within the limits above, you can deduct the interest.
https://www.irs.gov/publications/p936/ar02.html
**Mark the post that answers your question by clicking on "Mark as Best Answer"
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
I have three separate properties with mortgages. TurboTax allowed me to put in the mortgage interest for all three, even though I don't think that's allowed.
No, the program doesn't know that you have 3 properties, just because you entered 3 1098's. Individuals can have multiple 1098's for different loans on the same property. You will need to remove one of the home's mortgage interest.
You can write off 100 percent of the interest you pay on up to $1.1 million of debt secured by your first and second homes and used to acquire or improve the properties. (That's a total of $1.1 million of debt, not $1.1 million on each home.)
As long as the 1st mortgage, HELOC, and second home mortgage are within the limits above, you can deduct the interest.
https://www.irs.gov/publications/p936/ar02.html
**Mark the post that answers your question by clicking on "Mark as Best Answer"
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
I have three separate properties with mortgages. TurboTax allowed me to put in the mortgage interest for all three, even though I don't think that's allowed.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
I have three separate properties with mortgages. TurboTax allowed me to put in the mortgage interest for all three, even though I don't think that's allowed.
**Mark the post that answers your question by clicking on "Mark as Best Answer"