cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Returning Member

The mortgage interest shows correct value in the Deductions &Credits list. Why there is no mortgage interest in the breakdown of my Itemized deduction summary?

There is no mortgage interest in the breakdown of my itemized deductions.

I already selected the loan being secured by a property.

5 Replies
Highlighted
Level 15

The mortgage interest shows correct value in the Deductions &Credits list. Why there is no mortgage interest in the breakdown of my Itemized deduction summary?

Is it giving you the Standard Deduction instead of Itemized Deductions?  I hope this helps......

There is a new question or two you have to answer to get the mortgage interest deduction.  Like maybe put in your ending balance.  Make sure you answer that the loan is secured by the property.  Go back through that section.

Highlighted
Returning Member

The mortgage interest shows correct value in the Deductions &Credits list. Why there is no mortgage interest in the breakdown of my Itemized deduction summary?

It gave me the option to change to Standard Deduction at the end.

I did check the loan is secured by the property. In the Form 1098, I did input the value for  Box 2 - "Outstanding mortgage principal" and also "Outstanding mortgage principal as of 1/1/2019".

 

Highlighted
Level 15

The mortgage interest shows correct value in the Deductions &Credits list. Why there is no mortgage interest in the breakdown of my Itemized deduction summary?


@lyogavin wrote:

It gave me the option to change to Standard Deduction at the end.

I did check the loan is secured by the property. In the Form 1098, I did input the value for "Outstanding mortgage principal as of 1/1/2019".

 


There is a workaround for this. 

 

For desktop versions:

  • In Forms view, locate and click on Tax & Int Wks on the left from the forms list
  • On the form, scroll to Mortgage Interest Limited Smart Worksheet
  • Click on NO to the right of the question, Does your mortgage interest need to be limited

For online versions:

  • Under Deductions & Credits, expand the menu for Your Home
  • Click Start/Revisit next to Mortgage Interest and Refinancing (Form 1098)
  • Click through until you get to a screen that says Do any of these situations apply to you? Mark Yes.
  • On the next screen, take out the zero.
  • Click back and choose No.
Highlighted
Returning Member

The mortgage interest shows correct value in the Deductions &Credits list. Why there is no mortgage interest in the breakdown of my Itemized deduction summary?

@DoninGA 

Is it the question "Do any of these uncommon situations apply to your loan with XXX" at the beginning (right after input the lender name) ?

 

The options for above question include:
- Someone who isn't my spouse co-owns this loan, and we only pay a portion of it. Learn more
- The seller is financing this loan and we didn't receive a 1098.
- None of these apply. 

 

No option for "Yes". I don't see any option about number zero if I select the option #1 or #2 either.

Highlighted
Returning Member

The mortgage interest shows correct value in the Deductions &Credits list. Why there is no mortgage interest in the breakdown of my Itemized deduction summary?

I have the Foreign Earned Income and Exclusion and Foreign Tax Credit. Will those affect the mortgage interest for federal filling?

For the state (CA) filling, I can see the correct value of mortgage interest.