Our home mortgage is with a private lender (not seller of home), and we will not receive a form 1098. How do we deduct our mortgage interest in Turbotax?
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
cjmahy
New Member

Our home mortgage is with a private lender (not seller of home), and we will not receive a form 1098. How do we deduct our mortgage interest in Turbotax?

 
1 Reply
MinhT
Level 6

Our home mortgage is with a private lender (not seller of home), and we will not receive a form 1098. How do we deduct our mortgage interest in Turbotax?

If you do not receive a form 1098, you can still claim mortgage interest by providing the lender's name and taxpayer identification number (generally his SSN) on the 1098 screen in TurboTax.

You can enter your mortgage interest by following these steps:

  • In TurboTax, open your return and click on Personal then on Deductions & Credits
  • Click on Continue on the next page
  • On the next page, click on I'll choose what I work on
  • Locate the section Your Home
  • Click Start next to Mortgage Interest, Refinancing, and Insurance
  • TurboTax will take you through a questionnaire to enter your mortgage interest.

If you do not provide the lender's SSN, the IRS may impose a penalty of $50.

Please read this IRS document, especially the section How to report on page 9:

https://www.irs.gov/pub/irs-pdf/p936.pdf



**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Dynamic AdsDynamic Ads
v
Privacy Settings