Solved: We purchased a new home and still have the other house as we transition to the new home, is this interest deductible? and how is it differentiated from the new home?
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rmco
New Member

We purchased a new home and still have the other house as we transition to the new home, is this interest deductible? and how is it differentiated from the new home?

 
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JulieCo
New Member

We purchased a new home and still have the other house as we transition to the new home, is this interest deductible? and how is it differentiated from the new home?

Yes, mortgage interest on a second home is allowed as an itemized deduction.  If you have a 1098 form for the new home (or the closing statement to show what you paid for points and taxes), you would select to add "another lender" in the 1098 entry section of TurboTax.  See the sample screenshot attached.  

Below are the steps to be brought to this section of TurboTax:

https://ttlc.intuit.com/replies/4793767


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JulieCo
New Member

We purchased a new home and still have the other house as we transition to the new home, is this interest deductible? and how is it differentiated from the new home?

Yes, mortgage interest on a second home is allowed as an itemized deduction.  If you have a 1098 form for the new home (or the closing statement to show what you paid for points and taxes), you would select to add "another lender" in the 1098 entry section of TurboTax.  See the sample screenshot attached.  

Below are the steps to be brought to this section of TurboTax:

https://ttlc.intuit.com/replies/4793767


View solution in original post

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