turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Why is my mortgage interest paid and RPT = $12,872, but Turbotax is claiming they only equal around $7,500?

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies
AmyC
Employee Tax Expert

Why is my mortgage interest paid and RPT = $12,872, but Turbotax is claiming they only equal around $7,500?

Please review the qualifications to deduct it all Can I deduct my mortgage? and review your answers. It sounds like the program is limiting you.

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Why is my mortgage interest paid and RPT = $12,872, but Turbotax is claiming they only equal around $7,500?

what is the balance of your mortgage(s)?  if there are any HELOCs / cash out refis was all the money used to improve your home ? 

Why is my mortgage interest paid and RPT = $12,872, but Turbotax is claiming they only equal around $7,500?

Thanks NC! I finally figured it out. In TT, it asks if Box 7 of the 1098 is "checked" but it doesn't say anything about Box 8. While Box 7 isn't "checked" per se, and I originally clicked "No"I had another look at the 1098 and it DOES state that the loan is secured with the address in Box 8.  I went back and corrected Box 7 to a "Yes". Just an interpretation issue. While the standard deduction in my case is higher than the deductions for the 1040, the latter are still allowed on my State Tax Return, thus reducing State tax obligations. Yea!

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies