Mortgage interest deduction

[jaymi91773]

I have both a primary and secondary home which I have entered mortgage interest for on Turbo Tax premier.  When I go to look at the total mortgage interest deducted, however it does not show the total of the two interest rates, rather just one of the homes mortgage interest being deducted. My total mortgage property  debt falls under 750k, so I am not sure why the total interest is not being deducted in turbo tax. Please help!

[jaymi91773]

I'm looking online and perhaps others have had this issue if they have to 1098 forms? Anyone know if this is an issue specific to turbo tax premier? 

[KrisD15]

Are you using Online or Desktop?

I tested online and had no issues.

I suggest you type in the 1098, don't import them.

Be sure to select "Yes, this loan is secured by a property I own"

Primary house for one and Second home for the other

You don't say if you have points to claim

Select Yes for "Is this 1098 the moist recent for your loan?" for both 

This loan is neither a HELOC or refinance  (unless one is) 

If this is not working for you, is one loan a refinanced loan?

Did you use the second home as a rental?

Any other infomration?

[jaymi91773]

I’m using the desktop version I got from Costco on my Mac. I did actually type in both 1098 forms. Both are indicated as secured. First is the primary and the other is a secondary (this is the one that isn’t being added to the mortgage interest deduction total). The loans are both refinanced, but back in 2020. The second home is actually my  parents house that I am paying the mortgage for. I don’t charge them rent or anything.

[KrisD15]

You have to select "Yes" the loan is a  refinance and then report what was done at refinancing. 

Did you take cash out or use it all on that second home?

If NONE of the interest from the second home is showing, there must be an answer in that interview that is throwing things off. 

I suggest you edit and go through that one more time. 

[jaymi91773]

I selected that it was a refinance of a previous loan and NO I did not use the loan for anything besides paying off the existing loan. The next page states that I get a tax break, but both homes are not factored into my actual deduction. 

Still not registering as a deduction for my mortgage interest. 

[KrisD15]

If you'd like you can send a token and I can look at a sanitized version of your return. 

"This is puzzling. Would you send us a "sanitized" version of your return. "Sanitized" means that all personably identifiable data is removed so that we have no idea who you are.

You do not have to sanitize the return, because the process of creating a token (an entry into our data base that points to your sanitized return) invokes a process which removed all personally identifiable data."

To give us a token, please do the following:

Desktop (Mac)

• Open your return in the desktop product
• Look along the top and click on Help
• Click on Send Tax File to Agent
• TurboTax will give you a “token”, a 7-digit number
• Post the token number in this thread
• Be sure to add    @KrisD15   so that I will be notified

[jaymi91773]

1212947 is the token number @KrisD15 

Thank you!

[KrisD15 · Accepted solution]

Ok, I see the answers were done correctly in the Step-By-Step input but did not carry to the worksheet correctly. 

The Home Mortgage Section seems to hang on to previous answers. You can delete the second 1098 and re-enter it or follow the steps I took to remedy the problem.

I'm on a PC so hope you see things the same as I do.

Switch to FORMS (top right corner on PC, Left top on MAC) 

Scroll to       "Home Int Wkst (XXX)"     for the second home

The worksheet should show on your screen "Home Mortgage Interest Worksheet"

Go to the "Home Mortgage Interest Limitation Smart Worksheet" under line 13

B was checked    NO     for  "Was this loan the result of refinancing a previous loan?

Change that to YES

C was checked   NO    for "Were all loan proceeds used to purchase, build, or improve the home secured by this loan?' 

Change that to YES

Since the loan balance is over the limit, the interest will be somewhat limited. 

@jaymi91773 

[jaymi91773]

Hello!! Thank you so much!!! That finally worked!!

Because I made changes to the forms, does that mean I can no longer file my taxes electronically? I'm trying to file and it keeps saying my transmission did not go through.... I actually don't even own a printer so hoping this is not the case. 

[jaymi91773]

Never mind, just had to update!! Thanks again!!!! That was so helpful!