jskcpa
Level 2
12-06-2019
07:58 PM
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CA did not conform to the new mortgage interest limitations under TCJA. Where do we claim the additional mortgage interest deduction allowable on CA returns for the interest on home equity debt?
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abctax55
Level 15
12-06-2019
07:58 PM
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Just enter the total....Lacerte should do the *math* for us.
HumanKind... Be Both
jskcpa
Level 2
12-06-2019
07:58 PM
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Thank you, but that won't work. Taxpayers can deduct mortgage interest on up to $1MM of debt on their principal residences. Taxpayers may no longer deduct the interest on equity debt on their federal returns, but they may on their CA returns. I cannot find a place in Lacerte to input the interest on the equity debt so that it will be an addition to mortgage interest on the new Schedule CA of the 540
George4Tacks
Level 15
12-06-2019
07:58 PM
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https://accountants-community.intuit.com/articles/1606564&src=lscosi
leads to https://accountants-community.intuit.com/articles/1609409
So, there needs to be those messy entries down at the bottom of Screen 25.
Answers are easy. Questions are hard!
leads to https://accountants-community.intuit.com/articles/1609409
So, there needs to be those messy entries down at the bottom of Screen 25.
Answers are easy. Questions are hard!
jskcpa
Level 2
12-06-2019
07:59 PM
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Thank you, all. I appreciate the help re: making those messy entries on the bottom of Screen 25. I've spent quite a bit of time making the entries down there, trying to convince the program to print the additional CA interest on the new Schedule CA in the addition column on the right. No luck! It's a bit of a weird situation. Guy is MFS. Loan is about $600,000 - his alone. I simply cannot convince Lacerte to give me the extra interest on the CA, even though I check the box at the bottom of Screen 25 telling the program to use the $500/$550 limit. It would be GREAT if the Lacerte programmers could just put in a State Only box to the right of the federal mortgage interest number, allowing us to just adjust the federal number. They have done it with investment interest. They should be able to do it for mortgage interest. I can make the calculations myself. I don't need all that nonsense at the bottom of Screen 25. Thanks again, you guys!
cheryl1
Level 1
12-06-2019
07:59 PM
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I agree! That method didn't work for me either. Lacerte needs to add a "State if different" box to mortgage interest
abctax55
Level 15
12-06-2019
07:59 PM
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Interesting...it was working for me 8 days ago. Looks like something got *broke*; and I haven't played with it since.
HumanKind... Be Both
George4Tacks
Level 15
12-06-2019
07:59 PM
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Look at the much longer CA Schedule CA for all those wonderful adjustments.
Answers are easy. Questions are hard!
George4Tacks
Level 15
12-06-2019
07:59 PM
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This may help https://accountants-community.intuit.com/articles/1606103-entering-home-mortgage-interest-and-other-... but it makes my head hurt.
Answers are easy. Questions are hard!