Solved: I started to purchase an investment property in 20...
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest second stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
New Member

I started to purchase an investment property in 2019 & have expenses I have not closed yet where do I claim these expenses? I have received a 1098 from my private lender.

 
1 Best answer

Accepted Solutions
Employee Tax Expert

I started to purchase an investment property in 2019 & have expenses I have not closed yet where do I claim these expenses? I have received a 1098 from my private lender.

 

 

Due to the Tax Cuts and Job Acts TCJA, you cannot deduct any of the investment expenses anymore on your 2019 tax return.  Before the TCJA, they were allowed on your Schedule A as miscellaneous expenses that are subject to 2% of your Adjusted Gross Income AGI.  However, you can still deduct the interest you pay on the investment property ( Form 1098) if you have enough to itemize.  

 

To enter Form 1098 in TurboTax online, here are steps:

 

  • Sign in to your TurboTax account and select Pick up where you left off
  • At the right upper corner, in the search box, type in "1098" and Enter
  • Select Jump to 1098
  • Follow prompts
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

1 Reply
Employee Tax Expert

I started to purchase an investment property in 2019 & have expenses I have not closed yet where do I claim these expenses? I have received a 1098 from my private lender.

 

 

Due to the Tax Cuts and Job Acts TCJA, you cannot deduct any of the investment expenses anymore on your 2019 tax return.  Before the TCJA, they were allowed on your Schedule A as miscellaneous expenses that are subject to 2% of your Adjusted Gross Income AGI.  However, you can still deduct the interest you pay on the investment property ( Form 1098) if you have enough to itemize.  

 

To enter Form 1098 in TurboTax online, here are steps:

 

  • Sign in to your TurboTax account and select Pick up where you left off
  • At the right upper corner, in the search box, type in "1098" and Enter
  • Select Jump to 1098
  • Follow prompts
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

Dynamic Ads
v
Privacy Settings