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BG66
Returning Member

Refi of home new interest is not showing in home office or mortgage line for schedule A

I refi our home in July of 2020.  I originally had 2 loans which were consolidated into a single loan.  When I go through the home office section and select all three loans, the interest that shows for the entire home is only the two original loans.  Then what shows on schedule A is just the original 2 loans decreased by the 18.44% of our home used for our business.  If I go back through the home office section of the questionnaire and only select the new loan, the entire loan entry for the home office is $0 and the amount is Schedule A is the total of the original 2 loans.  When I review the worksheets, I can see all three loans and there does not seem to be any difference.  Any ideas?

2 Replies
ReneeM7122
Level 8

Refi of home new interest is not showing in home office or mortgage line for schedule A

The Schedule A issue may have to do with the order in which the forms were entered.  

In the case of a refinance, it's best to enter the 1098 from your original loan(s) before the 1098 from your refinance.  This will help the software to recognize the origination date of the loan is pre-2020, which ties in to the amount of interest that is deductible.  This is important because only the acquisition debt remains deductible.  It sounds like the problem could be that the software isn't recognizing the proper sequence.

 

Here's how to enter your mortgage interest statement in TurboTax:

  1. With your return open, search for 1098 and select the Jump to link in the search results.
  2. Follow the instructions to enter your original 1098 info.

  After you enter the first 1098 you will be returned to a summary screen. 

Carefully read the summary screen, at the lower left corner of the summary table is a Blue button "Add a lender".

 

BG66
Returning Member

Refi of home new interest is not showing in home office or mortgage line for schedule A

Thanks for the response.  They are in the correct order and I went into the worksheet entry and updated the 12/31/2020 ending balance of the two that were refinanced to $0.  Still does not work.  I may try and save my working file under a different name and try and update the actual IRS forms and see if the calcs will work correctly.  Appreciate you taking time to try and point me in the correct direction.

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