Second Home Deductions

[Mtang78]

We have a second home in our hometown that we will be retiring in at a later date. We currently are renting another house at our current location. I've always been able to deduct the mortgage interest and property taxes paid on our second home, but don't see where to enter that in TurboTax Deluxe this year. I called the bank because I did not get a form 1098 and they told me it was because the amount of interest paid this past year was below the threshold to be able to file for the deduction. Is that correct? Will we not be able to deduct the mortgage interest or the property taxes paid? The home is not rented out. We keep it as a second home and when we are in town, we stay there. 

[Bsch4477]

Your interest paid must have been under $600. You can still deduct mortgage interest and real estate taxes if you itemize. 

[Bsch4477]

Your interest paid must have been under $600. You can still deduct mortgage interest and real estate taxes if you itemize. Be sure your itemized deductions are greater than your standard deduction. 

[Bsch4477]

Your interest paid must have been under $600. You can still deduct mortgage interest and real estate taxes if you itemize. Be sure that your itemized deductions are greater than your standard deduction. 

[PattiF]

Yes, the bank is not required to send Form 1098 if the interest is below the threshold to report the amount.

You are still able to deduct the mortgage interest that you paid even without Form 1098.

You can deduct the mortgage on your main home or one second home if the debt is secured by the home. Follow these steps:

1. Go to federal deductions and credits
2. Select Mortgage Interest
3. Enter the name of the lender
4. Select Property type
5. Do any of these situations apply? Select none of the above
6. Enter USD for mortgage information, continue
7. Secured by property? select,
8. continue answering questions.

At no point do you need SSN or federal ID. When you return to the summary screen, it will show your bank and the interest.

[Mtang78]

Yes, it was below the $600 threshold. But the lender said I wouldn't be able to deduct it anyway because of that. Plus, that was why they did not send me a 1098. Unfortunately, the bank switched to a different vendor for their e-statements and so I can't get one that would be for the period ending 12/31/22, so I don't know how much the outstanding principal was on that date. Any suggestions?

[RobertB4444]

You should be able to call the lender to get the balance at any point.  

@Mtang78