<1 million mortgage-sold.New house 1,500,000 mortgage.Lacerte combines & applies $750,000 limit on all.How do you get full credit-old mortgage interest;new one limited?

Forum|Forum|6 years ago
December 7, 2019
2 replies
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Lacerte Tax

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Best answer by sjrcpa

By enetering the months outstanding and the rest of the details in the excess mortgage intyerest worksheet for each mortgage.

sjrcpaAnswer

Level 15

By enetering the months outstanding and the rest of the details in the excess mortgage intyerest worksheet for each mortgage.

The more I know the more I don’t know.

George4Tacks

Level 15

If you can not get Lacerte to work it out to your satisfaction, do an override as Home Mortgage Interest (code 21)

Check the box at the bottom of Screen 25, so Lacerte ONLY does a worksheet.

Sometimes you spend more time trying to get the software to behave then you do just giving a correct number as an override. The worksheet does not go with the return, regardless of what method you use. OUR goal is a correct return, with or without the help of the software.

Answers are easy. Questions are hard!

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