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GMan
New Member

Mortgage interest on timeshare property located outside of the US. Is this deductable? Payments are made to company in the US

 
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HelenaC
New Member

Mortgage interest on timeshare property located outside of the US. Is this deductable? Payments are made to company in the US

Yes, you can deduct interest on a timeshare if it is deeded and recorded in public records and the mortgage is recorded and secured by the financed property.

If you rent out the timeshare during the year, you must also use it as a home for more than 14 days, or more than 10% of the number of days it is rented. You count your days of use and the days of rental only during the time you have a right to use it or to receive any benefits from its rental.

Note:  Mortgage interest can only be claimed on a maximum of two homes (main home and a second home).


To enter your mortgage interest if you did not receive form 1098 Mortgage Interest:

  • Open your return in TurboTax.
  • (To do this, sign into TurboTax and click the orange Take my to my return button.)
  • Type mortgage interest in the search/find box and click search.
  • Click on Jump to mortgage interest.
  • Answer Yes to Did you have any home loans in 2016?.
  • Type in the name of your mortgage company on the Enter your mortgage lender screen. Click Continue.
  • On the Do any of these uncommon situations apply? screen, click on None of these apply then click Continue.
  • Enter your mortgage information.

  

To enter your mortgage interest if you did receive form 1098 Mortgage Interest:  

  • Open your return in TurboTax.
  • (To do this, sign into TurboTax and click the orange Take my to my return button.)
  • Search for 1098 in the search box and then click the "Jump to" link in the search results.
  • Answer Yes to Did you have any home loans in 2016?.
  • Type in the name of your mortgage company on the Enter your mortgage lender screen. Click Continue.
  • Make your selection on the Do any of these uncommon situations apply? screen, then click Continue.
  • Follow the onscreen instructions to enter the rest of the information on your 1098 form.


Related Information:


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1 Reply
HelenaC
New Member

Mortgage interest on timeshare property located outside of the US. Is this deductable? Payments are made to company in the US

Yes, you can deduct interest on a timeshare if it is deeded and recorded in public records and the mortgage is recorded and secured by the financed property.

If you rent out the timeshare during the year, you must also use it as a home for more than 14 days, or more than 10% of the number of days it is rented. You count your days of use and the days of rental only during the time you have a right to use it or to receive any benefits from its rental.

Note:  Mortgage interest can only be claimed on a maximum of two homes (main home and a second home).


To enter your mortgage interest if you did not receive form 1098 Mortgage Interest:

  • Open your return in TurboTax.
  • (To do this, sign into TurboTax and click the orange Take my to my return button.)
  • Type mortgage interest in the search/find box and click search.
  • Click on Jump to mortgage interest.
  • Answer Yes to Did you have any home loans in 2016?.
  • Type in the name of your mortgage company on the Enter your mortgage lender screen. Click Continue.
  • On the Do any of these uncommon situations apply? screen, click on None of these apply then click Continue.
  • Enter your mortgage information.

  

To enter your mortgage interest if you did receive form 1098 Mortgage Interest:  

  • Open your return in TurboTax.
  • (To do this, sign into TurboTax and click the orange Take my to my return button.)
  • Search for 1098 in the search box and then click the "Jump to" link in the search results.
  • Answer Yes to Did you have any home loans in 2016?.
  • Type in the name of your mortgage company on the Enter your mortgage lender screen. Click Continue.
  • Make your selection on the Do any of these uncommon situations apply? screen, then click Continue.
  • Follow the onscreen instructions to enter the rest of the information on your 1098 form.


Related Information:


View solution in original post

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