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Lacerte isn't acknowledging the new $750,000 cap on mortgage principal regarding interest

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Level 1

Lacerte 2018 has the excess mortgage worksheet under itemized deductions, but I'm only seeing that it references the $1,000,000 cap on principal. If the client purchased their property after 12.15.17, they're supposed to be subject to a $750,000 cap instead, and I'm not seeing a workaround to force the program to take a different number if that's the case. I've compared the work Lacerte does to what I get using the IRS provided worksheet (in pub 936), and the difference can be significant. 

Does anyone have a workaround on this until Lacerte fixes things on their end?

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Level 15

You could enter only the deductible amount.

You could wait for the program to be updated.


ex-AllStar

View solution in original post

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2 Replies 2
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Level 15

You could enter only the deductible amount.

You could wait for the program to be updated.


ex-AllStar

View solution in original post

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Employee
Employee

Lacerte Development received Pub 936 from the IRS late last week. It contains the mortgage limit calculation worksheets and we are working on those now.  I would anticipate they should be available by the end of January.

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