You might try going back to the Deductions section and reviewing your answers to the questions for mortgage interest as well as the dollar amounts entered. Not all mortgage interest is deductible, and you might not have had enough deductible interest to exceed your standard deduction when added to other itemizable deductions. TurboTax will automatically use the standard deduction if it is larger unless the user directs otherwise.
Deductible mortgage interest is interest you pay on a loan, secured by a main home or second home, that was used to buy, build, or substantially improve the home. For tax years prior to 2018, the maximum amount of debt eligible for the deduction was $1 million. Beginning in 2018, the maximum amount of debt is limited to $750,000. Mortgages that existed as of December 15, 2017, will continue to receive the same tax treatment as under the old rules. Additionally, for tax years prior to 2018, the interest paid on up to $100,000 of home equity debt was also deductible raising the previous total to $1,100,000. Loans with deductible interest typically include:
- A mortgage to buy or build your home
- A second mortgage
- A line of credit
- A home equity loan
If the loan is not a secured debt on your home, it is considered a personal loan, and the interest you pay usually isn't deductible. Your home mortgage must be secured by your main home or a second home. You can't deduct interest on a mortgage for a third home, a fourth home, etc.
See this TurboTax tips article and this help article for more information.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
