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Level 2
posted Feb 4, 2024 1:13:28 PM

I'm trying to report mortgage interest from the purchase of a foreign home from a foreign bank and I did not get a 1098.How do I proceed to input the mortgage interest?

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1 Replies
Level 15
Feb 4, 2024 1:42:28 PM

Mortgage interest that was not reported on Form 1098 has to be entered on Schedule A line 8b. If it's not a seller-financed loan, there is no way to make the entry in TurboTax Online. The entry can only be made in forms mode. Forms mode is only available in the CD/Download TurboTax software, not in TurboTax Online.


In forms mode, enter the interest directly on Schedule A line 8b. Do not use the Home Mortgage Interest Worksheet. But when you enter it this way, TurboTax will not calculate any limits that might apply to the deduction. See "Part II. Limits on Home Mortgage Interest Deduction" beginning on page 9 of IRS Publication 936 to see if any limits apply to your deduction.


Whatever the situation is, keep in mind that you cannot deduct your entire mortgage payment. You can deduct only the portion of the payment that is interest.


Note that mortgage interest is an itemized deduction. It will not make any difference in your tax or your refund unless your total itemized deductions are more than your standard deduction.