Trying to enter const loan interest. 1098 shows no beg bal (interest only loan) nothing for ending balance, TurboTax asks for both..Do I enter zeros?
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You can claim the interest on a construction loan for up to 24 months if you eventually (within 24 months) move in and use as your primary home.
Since you started the loan in 2018, the beginning balance (box 2) should be blank. The program might not like that, but if you enter a 2018 origination date, you can move forward past any error message.
The ending balance (01.01.2019) should not be zero since you took a draw.
According to the IRS:
"Home under construction. You can treat a home under construction as a qualified home for a period of up to 24 months, but only if it becomes your qualified home at the time it is ready for occupancy.
The 24-month period can start any time on or after the day construction begins."
You can claim the interest on a construction loan for up to 24 months if you eventually (within 24 months) move in and use as your primary home.
Since you started the loan in 2018, the beginning balance (box 2) should be blank. The program might not like that, but if you enter a 2018 origination date, you can move forward past any error message.
The ending balance (01.01.2019) should not be zero since you took a draw.
According to the IRS:
"Home under construction. You can treat a home under construction as a qualified home for a period of up to 24 months, but only if it becomes your qualified home at the time it is ready for occupancy.
The 24-month period can start any time on or after the day construction begins."
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