Interest on a Second Home that is not a rental

[Whiteleg]

I own a home now that my elderly parent lives in, I visit.  I do not rent it out.  I dropped in mortgage interest from 1098, I saw my return change then when I finalized the entry it dropped back down and had no impact.

I don't know why it did not work, with other deductions I should not be using a standard but it is pulling that in.

Not sure how to fix or if I am wrong to think interest on a 2nd home it a valid tax deduction, my reviews show it should.

[MonikaK1 · Accepted solution]

There are a number of reasons you might not be seeing mortgage interest on Schedule A after entering it.  In addition, you may not have had enough total itemized deductions to exceed the standard deduction.

Return to the Deductions and Credits section of TurboTax and review your entries for the mortgage interest and property tax on the second home.

In the mortgage interest section, at the screen that displays the question, "What kind of property is this loan for?", be sure to click on the button next to "Second home". You can also confirm, for example, that you identified the loan as being secured by your home, the dollar amount of interest entered was corrected, and that the loan principal was entered and didn't exceed applicable limits.

You can preview your return before filing to find out how your taxes were calculated and review the schedules. See here for details. 

Please see this article and this one for more information on home mortgages from TurboTax. 

[Whiteleg]

Very helpful! Thanks!!!!!!