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TP refinanced existing home acquisition debt of 963K. Married. This old debt was qualifying home acquisition debt and it existed prior to 12/15/2017.
The new debt was 19K more than the old debt. This is home equity debt.
Home equity debt interest is not deductible, as it was not used to buy, build or substantially improve the home
How is the non-deductible interest calculated when there are several home offices for different businesses? The diagnostic says use the input at the bottom of Screen 25.
Best Answer Click here
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I solved the home office question.
How do I enter the input for Excess Mortgage Interest in this case?
1. Existing Loan
2. Refinance
3. Refinance
Are these Loans #1, #2, #3 for the input in Screen 25?
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This LC input won't handle this situation. I calculated the disallowed interest and adjusted the total.
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That works when you can't get the worksheets to.
The more I know the more I don’t know.
