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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
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- How to calculate limit on Mortgage interest on Sch A (1,000,000), when it is also used on F.8829 for Sch C?
How to calculate limit on Mortgage interest on Sch A (1,000,000), when it is also used on F.8829 for Sch C?
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laval650
Level 3
10-11-2022
01:59 PM
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I am not sure how to connect the mortgage interest on Sch A and F. 8829.
I think I first should enter the total mortgage interest on on the home office screen (under Indirect Expenses, Mortgage interest, without any adjustments), and then go to the Sch A screen and enter the info on the Interest - Excess Mortgage Interest -screen. On this screen I should choose Form 2 -Business Use of Home.
Any input is appreciated
I think I first should enter the total mortgage interest on on the home office screen (under Indirect Expenses, Mortgage interest, without any adjustments), and then go to the Sch A screen and enter the info on the Interest - Excess Mortgage Interest -screen. On this screen I should choose Form 2 -Business Use of Home.
Any input is appreciated
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George4Tacks
Level 15
10-12-2022
05:42 PM
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Did you see the NOTE in the Schedule A input area?
NOTE: Mortgage related deductions entered below should NOT be entered elsewhere. If using this input section, remove mortgage related deductions from the regular interest section of this screen (above), from the business use of home screen , and from any vacation homes or owner occupied rentals (Sch E screen).
Answers are easy. Questions are hard!
