accoun5
Level 4
12-07-2019
07:47 AM
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Taxpayer used 1/2 of refinanced mortgage in 2012 to buy a car and the other 1/2 to improve her residence. Where is in put screen in Lacerte for Screen 25 Individual module to show that 1/2 mortgage was for improvement and the other for non-home related things like cars so that only the interest on the balance used for home improvements is deductible?
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abctax55
Level 15
12-07-2019
07:47 AM
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The software can only do so much...
YOU have compute, then enter on Screen 25, the amount that is deductible.
"*******Tax software is no substitute for a professional tax preparer*******
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