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TT will not let me enter a qualifying 1098 for my timeshare. What are the exact steps I must take in the software to enter this?

 
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1 Reply
AmyC
Expert Alumni

TT will not let me enter a qualifying 1098 for my timeshare. What are the exact steps I must take in the software to enter this?

Your main home and second home qualify to deduct mortgage interest while all properties can deduct property tax. If your timeshare is your second home, mark it as second home. If you already have 2 homes, then the mortgage interest would not be deductible, just the property tax.

Here are the steps:

 

  1. To add another 1098, select add a lender, 
  2. enter lender name
  3. continue
  4. Second home
  5. continue
  6. Any of these situations apply? - probably none of the above for you
  7. Continue
  8. box 1 Mortgage interest - enter amount
  9. box 3 mortgage origination date- enter yours
  10. Property tax paid - enter amount
  11. continue
  12. Is this loan secured by a property of yours
  13. YES
  14. continue
  15. points paid  - assume no points, make your selection
  16. continue
  17. most recent loan, select yes
  18. continue
  19. details about loan, select neither of these
  20. continue
  21. money exclusively on home - select yes
  22. continue
  23.  
  24. You have successfully entered your information!
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