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I'm inputting 2 loans that orig. between 10/13/87- 12/15/17. Loan #1 HELOC for student loan debt which is and Loan #2 is acquisition debt. Loan #1 has interest $1506 and Loan #2 has interest of $1610. Under the TCJA, the HELOC interest should be non-deductible; however, when I enter the info, the software outcome is deductible interest $2022 and non-deductible $1094. Why isn't it allowing just the $1610 MI from acquisition debt loan?
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Home equity loan is still deductible if the loan is used to buy, build, or substantially improve the home with which the loan is secured.
PS will not know the difference and relies on you as the professional to only enter qualified expenses. As to the amount disallowed, you have probably entries somewhere for the principal so that PS is able to compute a limitation.
I don't use PS and can't speak to the input in PS but my friends who do may step in to give you a more comprehensive response.
Still an AllStar
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Cant you just skip entering the HELOC 1098 and only enter the one that's deductible?
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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