You'll need to sign in or create an account to connect with an expert.
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
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
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
karlameyer
Level 1
TravindyB
New Member
lnk-fr
Level 2
zomboo
Level 6
reevescj01
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.