turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

mbkagels
New Member

I have two mortgages on my home. Turbo Tax only allowed one mortgage. May I deduct interest from both loans?

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
KrisD
Intuit Alumni

I have two mortgages on my home. Turbo Tax only allowed one mortgage. May I deduct interest from both loans?

It depends on what the loans were used for. 

Normally, you would only take one original loan out to purchase a home, so what the funds from the second mortgage were used for determines if that mortgage interest may also be claimed. 

If you mean you are not able to enter two, just go back the the 1098 section and enter the second one. 

You can do that by typing   1098   into the search box and clicking the "Jump to 1098" link

Or clicking Federal, then Deductions & Credits then scrolling to Your Home

View solution in original post

1 Reply
KrisD
Intuit Alumni

I have two mortgages on my home. Turbo Tax only allowed one mortgage. May I deduct interest from both loans?

It depends on what the loans were used for. 

Normally, you would only take one original loan out to purchase a home, so what the funds from the second mortgage were used for determines if that mortgage interest may also be claimed. 

If you mean you are not able to enter two, just go back the the 1098 section and enter the second one. 

You can do that by typing   1098   into the search box and clicking the "Jump to 1098" link

Or clicking Federal, then Deductions & Credits then scrolling to Your Home

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies