Do we need to override the software if it doesn't take into consideration the grandfathering rules within Tax Reform? Or will this be updated at some point prior to filing?
162 - “The conference agreement provides that a taxpayer who has entered into a binding written contract before December 15, 2017 to close on the purchase of a principal residence before January 1, 2018, and who purchases such residence before April 1, 2018, shall be considered to incurred acquisition indebtedness prior to December 15, 2017 under this provision.”
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You don't have to override the software, but TurboTax will not do the calculations for you. You will get a screen that tells you to refer to IRS Publication 936 to calculate the amount of mortgage interest you can deduct, and there is a box on that screen to enter the amount that you calculate. This appears to be a deliberate design decision that TurboTax is not going to handle the more complex mortgage deduction calculations. We've asked the forum moderators about it, but I don't think they are going to add those calculations to the software. My guess is that there are not enough TurboTax users with mortgages over $750,000 to make it worth the extensive programming effort that would be needed.
You don't have to override the software, but TurboTax will not do the calculations for you. You will get a screen that tells you to refer to IRS Publication 936 to calculate the amount of mortgage interest you can deduct, and there is a box on that screen to enter the amount that you calculate. This appears to be a deliberate design decision that TurboTax is not going to handle the more complex mortgage deduction calculations. We've asked the forum moderators about it, but I don't think they are going to add those calculations to the software. My guess is that there are not enough TurboTax users with mortgages over $750,000 to make it worth the extensive programming effort that would be needed.
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