We purchased a second home in 2019 and paid cash. How and where do I enter this into Turbotax?
Thanks!!
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After entering each item (mortgage interest & RE tax) for your primary home, the TurboTax (TT) interview will ask if you have any other to entry. Mortgage interest is limited to two homes. There is no limit to the number of properties you may claim RE tax on, but there is a $ limit ($10K on all state & local tax, not just RE).
Enter it all, TT will apply the limits, of any.
The purchase of primary or second personal residence, not used as a rental or in a business, is not reported on a tax return.
If you itemize deductions, the mortgage interest and real estate taxes are deductible, on a 2nd home.
yes, I understand that, I just don't know where to put it as I am entering information. JFYB
After entering each item (mortgage interest & RE tax) for your primary home, the TurboTax (TT) interview will ask if you have any other to entry. Mortgage interest is limited to two homes. There is no limit to the number of properties you may claim RE tax on, but there is a $ limit ($10K on all state & local tax, not just RE).
Enter it all, TT will apply the limits, of any.
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