Lacerte isn't acknowledging the new $750,000 cap on mortgage principal regarding interest

Forum|Forum|6 years ago
December 7, 2019
2 replies
12 views

Lacerte 2018 has the excess mortgage worksheet under itemized deductions, but I'm only seeing that it references the $1,000,000 cap on principal. If the client purchased their property after 12.15.17, they're supposed to be subject to a $750,000 cap instead, and I'm not seeing a workaround to force the program to take a different number if that's the case. I've compared the work Lacerte does to what I get using the IRS provided worksheet (in pub 936), and the difference can be significant.

Does anyone have a workaround on this until Lacerte fixes things on their end?

Lacerte Tax

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Best answer by sjrcpa

You could enter only the deductible amount.

You could wait for the program to be updated.

sjrcpaAnswer

Level 15

You could enter only the deductible amount.

You could wait for the program to be updated.

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

T

TheBoris

Level 5

Lacerte Development received Pub 936 from the IRS late last week. It contains the mortgage limit calculation worksheets and we are working on those now. I would anticipate they should be available by the end of January.

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