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- Please fix mortgage interest deduction!
Please fix mortgage interest deduction!
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BRIANC
Level 1
02-18-2021
10:39 PM
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On the 1040, Schedule A, if you enter the mortgage interest using the QuickZoom, the interest calculation is not accurate. The 2019 Proseries handled this better.
1. mortgage interest deduction will not appear on Schedule A, if you don't enter the average loan balance
2. if your client refinanced their mortgage, Proseries doesn't prorate the number of months the loan was outstanding thus it'll count the original loan as 12 months because there's no way to change the number of months
This is a huge problem for clients that have mortgages over $750K that refinanced.
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