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New Member
posted Feb 15, 2023 8:27:53 AM

We have a mortgage on our home. Does this mean I answer yes to owning the home?

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2 Replies
Level 15
Feb 15, 2023 8:29:14 AM

Yes, you do own a home.

Expert Alumni
Feb 15, 2023 9:30:23 AM

Yes, as Carl stated above, you are considered to own the home when you have a mortgage for this purpose. 

 

There are limits to the amount of mortgage interest and taxes that can be deducted under current law. TurboTax will prompt you for the information needed to calculate any limitations. 

 

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

 

  1. Select Deductions & Credits on Tax Home to open your return
  2. Select Your Home and select Mortgage Interest and Refinancing (Form 1098)
    • You may need to select See all tax breaks to find this section
  3. Answer Yes to Did you pay any home loans in 2022? then Continue
  4. Type in the name of your mortgage lender
  5. Follow the instructions to enter the rest of the information on your 1098 form

See this help article for more information.