Partial deduction of fixed rate second mortgage interest?

[T20]

Hello,

I would like to confirm before purchase I will have the ability to specify the amount of a second fixed rate mortgage I used for home improvement vs non home improvement, and as a result the amount of interest that is tax deductible.

For example, if I took out a fixed rate second mortgage and used 90% on home improvements and 10% on paying off a credit card. I would like to claim a tax credit on the 90%. 

I believe in the past, TurboTax has only given the option for all (100%) or nothing.

If so, does the Deluxe version support this itemization? If not what version does?

Thanks in advance.

[T20]

Anyone with direct experience with this particular scenario? Either for 2020 or last year 2019?

Does TT deluxe allow me to specify a partial amount of a fixed rate second used for home improvement vs non home improvement?

I seem to remember last year TT asked for the loan amount then asked if the load was used for home improvement (yes/no). It did not allow me to specify how much of the loan was used for home improvements.

I would like to use some of the loan amount for non home improvement purposes and want to make sure I can account for that in TT deluxe.

[AmyC]

I recommend you make it two entries. One for the home improvement amount and one for the rest. That way, when the program asks, you have the correct answer. 

You are very smart to be aware of the tax rules and how to work within them.

This will not cause a problem when the IRS sees that less than the total was claimed.