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Mortgage interest is entered in the Itemized Deductions section of TaxAct and will appear on federal Schedule A.

To maximize your tax benefit, TaxAct will use whichever is higher: your itemized deductions or the standard deduction for your filing status.

If your home equity debt wasn't used to buy, build, or improve a qualified residence, then you can't deduct the interest of your home equity loan.

If you bought your home after December 15, 2017, you can deduct interest only on the first $750,000 ($375,000 if married filing separately) of your mortgage.

To enter the information from Form 1098 Mortgage Interest Statement into TaxAct:

  1. From within your TaxAct return (Online or Desktop), click Federal. On smaller devices, click in the upper left-hand corner, then choose Federal.
  2. Click Itemized or Standard Deductions in Federal Quick Q&A Topics to expand the category and then click Interest Expenses
  3. On the screen titled Did you receive Form 1098 reporting mortgage interest? choose whether mortgage interest was reported on Form 1098
  4. The program will proceed with the interview questions for you to enter or review the appropriate information

If Form 1098 reports real estate (property) taxes paid:

  1. Click Federal. On smaller devices, click in the upper left-hand corner, then choose Federal.
  2. Click Itemized or Standard Deductions to expand the category and then click Taxes Paid.
  3. Click Continue on the screen Enter state and local income taxes you paid during [Tax Year], and then click No to reach the screen Enter real estate taxes assessed and paid in [Tax Year].
  4. Enter the qualified amount of real estate taxes you paid during the tax year



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