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My wife & I are filing a joint return and I've got a couple of questions. 1. We paid off a loan on a 2nd home in another state, where do I park the interest payment?

home appliance repair costs, are these deductible?
lawn mowing costs in a second home, may I claim these costs?
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3 Replies
RayW7
Expert Alumni

My wife & I are filing a joint return and I've got a couple of questions. 1. We paid off a loan on a 2nd home in another state, where do I park the interest payment?

Report the mortgage interest on the Mortgage Interest line in the Your Home section of TurboTax.  Just click on "Add another Lender" if you've already entered mortgage interest on your primary home.

 

If you use your home purely as your personal residence, you obtain no tax benefits from repairs. You cannot deduct any part of the cost. 

 

If you did not rent out your second home and used it only as your second home then not of those repairs or maintenance are are deductible.

 

-for more information follow this link-

Buying a Second Home—Tax Tips for Homeowners - TurboTax

My wife & I are filing a joint return and I've got a couple of questions. 1. We paid off a loan on a 2nd home in another state, where do I park the interest payment?

Using Turbotax Deluxe my wife and I submitted our 2020 Tax returns on March 24,2021, however I have never received an acceptance message from the IRS, and the funds have not been deducted from our Bank Account. It is now May 30, 2021, what should I do?

My wife & I are filing a joint return and I've got a couple of questions. 1. We paid off a loan on a 2nd home in another state, where do I park the interest payment?

If you successfully efiled  ….it can be one of 2 reasons :

 

1) the debit info you sent is incorrect ... expect an IRS letter 

 

If you selected Direct Debit from your bank account to pay the Federal taxes owed, that information was sent with your e-filed federal tax return.

 

Look at the Federal Information Worksheet in Part V.  The bank name, routing number, account number and the date you selected to pay the taxes owed will be entered.  If you did not select Direct Debit from your bank account then nothing will be in Part V.  Look on your Federal Filing Instruction page for how you selected to pay the Federal taxes owed.

                                                                                                                                      

To access your current or prior year online tax returns sign onto the TurboTax website with the userID you used to create the account - https://myturbotax.intuit.com/

                                          

When you sign onto your online account and land on the Tax Home web page, scroll down and click on Add a state. 

                          

This will take you back to the 2020 online tax return.

 

Click on Tax Tools on the left side of the online program screen.  Then click on Print Center.  Then click on Print, save or preview this year's return.  Choose the option Include government and TurboTax worksheets

 

For the State taxes owed the same type of information will be on the State Information Worksheet in Part V of the worksheet and on the State Filing Instructions page.

 

 

However SOME STATES  do not allow state taxes owed to be paid by Direct Debit when using tax preparation software.  They require the payment by Direct Debit only when using the State tax authorities website. If this is the case for your state not only did the program tell you in the FILE tab step 2 the instructions were also included in the PDF file of the return.  

 

 

2) the IRS just has not gotten around to it yet  or  your bank/CC has not posted it yet.

 

When will my tax payment go through?

 

During non-peak times, funds are usually withdrawn on the payment date you specify, assuming your e-filed return has already been accepted (received) by the IRS.

 

If that date happens to fall on a weekend or federal holiday, the funds are typically withdrawn the next business day.   However once again the IRS is behind in debiting accounts like last year so just be patient.  https://www.forbes.com/sites/ambergray-fenner/2021/04/22/irs-computers-are-behind-on-debiting-schedu...

 

No worries; as long as you filed your return or extension on or before May 17, 2021 and you selected May 17, 2021 (or earlier) as your payment date, you won't get penalized for late payment. 

 

 

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