mortgage interest deduction

Forum|Forum|2 years ago
March 25, 2024
2 replies
11 views

Why is mortgage interest deduction not in my Sch.A?

rjs

Level 15

When TurboTax asked whether the loan is secured by a property of yours, did you answer Yes? If the loan is not secured by a home that you own, the interest is not deductible. A mortgage loan is normally secured by the home that the loan was used to purchase.

JamesG1

Level 15

Did you receive the message Congrats, you get a tax break - Mortgage Interest Deduction - Your tax return already includes this deduction after entering your home mortgage interest?

Are you claiming the Standard Deduction or are you itemizing deductions on IRS form Schedule A?

Are you receiving any review errors concerning your mortgage interest?

Deductible mortgage interest is interest you pay on a loan, secured by a main home or second home, that was used to buy, build, or substantially improve the home.

Loans with deductible interest typically include:

A mortgage to buy or build your home
A second mortgage
A line of credit
A home equity loan

If the loan is not a secured debt on your home, it is considered a personal loan, and the interest you pay usually is not deductible. Your home mortgage must be secured by your main home or a second home. You cannot deduct interest on a mortgage for a third or a fourth home.

@sp41516

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