2018 Mortgage Interest CA returns

Forum|Forum|6 years ago
December 7, 2019
3 replies
15 views

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?

Lacerte Tax

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Best answer by abctax55

Just enter the total....Lacerte should do the *math* for us.

abctax55Answer

Level 15

Just enter the total....Lacerte should do the *math* for us.

HumanKind... Be Both

J

jskcpaAuthor

Level 3

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