Hi,
We've $30K mortgage interest payment for about $900K mortgage in 2018. The loan was originated back in 2016. According to IRS rule: https://www.irs.gov/pub/irs-pdf/p936.pdf
higher limitations ($1 million ($500,000 if married filing separately)) apply if you are deducting mortgage interest from indebtedness incurred before December 16, 2017.
Somehow Turbo tax puts $0 in mortgage interest deduction and suggest standard $24K deduction, even though the itemized deduction should be more than $40K.
This seems to be a Turbo Tax bug.
Urgent help is needed! Any suggestion?
Thanks.
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@fronstGiant wrote:Somehow Turbo tax puts $0 in mortgage interest deduction and suggest standard $24K deduction, even though the itemized deduction should be more than $40K.
I just plugged in your numbers (and the dates) on one of my test returns and was able to get the entire $40k deduction (I already had entered $10k in property taxes).
I am using the desktop version of Home & Business if that makes a difference (which I have to doubt). Regardless, I suggest running through the screens again being careful to insert the correct dates, balances, and answer the questions in accordance with your scenario.
@fronstGiant wrote:Somehow Turbo tax puts $0 in mortgage interest deduction and suggest standard $24K deduction, even though the itemized deduction should be more than $40K.
I just plugged in your numbers (and the dates) on one of my test returns and was able to get the entire $40k deduction (I already had entered $10k in property taxes).
I am using the desktop version of Home & Business if that makes a difference (which I have to doubt). Regardless, I suggest running through the screens again being careful to insert the correct dates, balances, and answer the questions in accordance with your scenario.
I think there's quite a few limitations & bugs in the 2018 turbotax. I am using the same version as you, & Turbotax concluded "Good news! You can claim the $12k standard deduction" or words to that affect despite my having ~$15k in valid itemized deductions it to changed my mortgage interest to $0. I believe its because Turbotax can't handle my past refinances that cause my debt to be a mix of acquisition & equity debt. I'm no dummy, I can determine the percentage of acquisition debt to apply to my current load -- how come Turbotax can't?
Their questions/forms are quite obtuse. I'm having to file for extension for the first time ever after 32 years of filing returns. Looks like I'll be skipping Turbotax next year if it can't handle a scenario I suspect common for many.
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