1099-DIV Posted March 23, 2022 Report Posted March 23, 2022 Hey ATX folks, I have a 1040 case with three mortgage loans. Two of them were taken before 2017 and one was taken after. If I check the 'loan was taken out after December 15, 2017' box I'd technically leave out the other two and vice-versa. How do you go about it? Thanks. Quote
jklcpa Posted March 23, 2022 Report Posted March 23, 2022 Pub 936 has a worksheet at Table 1 to calculate the deduction. I'm surprised that ATX doesn't have this built in also. My software does and handled it easily. 2 Quote
Abby Normal Posted March 23, 2022 Report Posted March 23, 2022 ATX does handle this. The struggle is getting the average loan balances and the non-acquisition portion of the debt. 2 Quote
jklcpa Posted March 23, 2022 Report Posted March 23, 2022 24 minutes ago, Abby Normal said: ATX does handle this. The struggle is getting the average loan balances and the non-acquisition portion of the debt. I hear you! My software also has the worksheet. I just finished one that had 3 mortgages, a refi on the principal residence with costs rolled in making it mixed use, and a beach condo with points purchased mid-year, and the couple also files MFS. I have a beautiful Excel spreadsheet to calc the averages and each of the amort schedules too. Once I had all of that finished, the software worked well for the limitation and then splitting the joint return into the two separate ones. 4 Quote
Abby Normal Posted March 23, 2022 Report Posted March 23, 2022 They should require this info on the 1098 if they want people to actually go through this mess. 1098 should show beginning balance, ending balance and average balance, and also, refi costs rolled into the loan. Thankfully, very few people itemize these days. 5 Quote
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