Tax Reform Update: You can no longer deduct interest on home equity debt if it wasn't used to buy, build, or improve a qualified residence. Also, you can only deduct interest on the first $375,000 of your mortgage if you bought your home after December 15, 2017.
Mortgage interest is entered in the Itemized Deductions section of TaxAct® and will appear on federal Schedule A. To enter the information from Form 1098 Mortgage Interest Statement into the TaxAct program:
If Form 1098 reports real estate (property) taxes paid:
TaxAct will use the higher of your itemized deductions or the standard deduction for your filing status to maximize the tax benefit to you.