Mortgage interest is entered in the Itemized Deductions section of TaxAct and will appear on federal Schedule A (Form 1040) Itemized Deductions. 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 report Form 1098 Mortgage Interest Statement in the TaxAct program:
If you need to report Form 1098 real estate (property) taxes paid:
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