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kathtax
New Member

Is The detailed 2018 mortgage deduction form misleadingly incorrect? It seems t o be following 2017 rules.

 
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4 Replies

Is The detailed 2018 mortgage deduction form misleadingly incorrect? It seems t o be following 2017 rules.

If you had a fairly straight forward mortgage (home purchased before 12/20/17, principal less than $1,000,000 , all the funds used to purchase/improve/build the home) then there is not difference in your deduction.

kathtax
New Member

Is The detailed 2018 mortgage deduction form misleadingly incorrect? It seems t o be following 2017 rules.

I calculated it myself  using the IRS form so it i correct  And it would have been different and incorrect had I relied on the Turbo Tax calculation as detailed in the forms to be saved for my records.  The 2018 allowance is smaller as it does not allow 100,000 for a HELOC.  Your form also does not acknowledge the decreased  limitation on more recently acquired mortgage debt

Is The detailed 2018 mortgage deduction form misleadingly incorrect? It seems t o be following 2017 rules.

It should have guided you thru the same questions in the interview to correctly calculate the limits.
kathtax
New Member

Is The detailed 2018 mortgage deduction form misleadingly incorrect? It seems t o be following 2017 rules.

The amount is incorrect.   Really, a big mistake on your part.  This should have been updated.  I do the calculation by hand since traditionally TT hasn't done this.  And its wrong this year if anyone has a Heloc.  
 
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