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frankofaz64
Returning Member

Primary mortage interest not being deducted properly

I have a primary and secondary residence.  When adding my primary residence interest which we bought in 2022, it is not counting the interest.  When I look at the summary of interest deductions the amount is only my second home interest.  I deleted the information and resubmitted it, and my refund went up until I got to the place where it said, HELOC, cash out or none, I selected none, and my interest deduction dropped again to the amount of my second home on the deduction summary page. 

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7 Replies
DaveF1006
Expert Alumni

Primary mortage interest not being deducted properly

After you selected none for Heloc, cash out etc., there is a question on the following screen That asks if you have Used the Money Exclusively on Your Home.  You must say yes to this question. 

 

Turbo Tax defaults this answer to No, so if you will need to manually check yes to this answer.

 

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frankofaz64
Returning Member

Primary mortage interest not being deducted properly

That is not what I see, When I get to the HELOC option 

It is not a HELOC, It is the original mortgage on the home, no refinance, so neither of these

Then I get congrats, you get a tax break, and then back to the loan summary.

 

Screenshot 2024-04-04 134529.jpg

Primary mortage interest not being deducted properly

Have you continued on with entering you return by selecting 'Done' on the Mortgage Interest Deduction page. More questions about you mortgages come up when you do.

frankofaz64
Returning Member

Primary mortage interest not being deducted properly

I do not get any more questions after this box.  It goes to the Home Loan Deduction Summary

I click done, and it goes the the deductions & Credits summary.

there are no more questions.

frankofaz64
Returning Member

Primary mortage interest not being deducted properly

BTW, it does show the total here of both of my loans. but when It applies how much I get, it only takes the  first loan into account

Primary mortage interest not being deducted properly

Are you checking the box for 'This is the latest 1098' for both mortgages?

frankofaz64
Returning Member

Primary mortage interest not being deducted properly

Yes, I am coding it in the boxes correctly.  When I get to the summary of mortage interest it shows the total for both.  When you see the summary of all the deductions it is there.

When I leave the deductions section, go through the analysis section and it picks your standard deduction vs itemized.  It picks Standard becuase my itemized does not have the primary residence interest or the business deducation.  I sat with tech support on Turbo Tax today, and they were also bewildered why it was disappearing after the analysis section.

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