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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:

  1. From within your TaxAct return (Online or Desktop), click Federal (on smaller devices, click in the top left corner of your screen, then click Federal).
  2. Click the Itemized or Standard Deductions dropdown, then click Interest expenses.
  3. Continue with the interview process to enter your information.

If you need to report Form 1098 real estate (property) taxes paid:

  1. From within your TaxAct return (Online or Desktop), click Federal (on smaller devices, click in the top left corner of your screen, then click Federal).
  2. Click the Itemized or Standard Deductions dropdown, then click Taxes paid.
  3. Continue with the interview process until you reach the screen titled Enter any other deductible taxes paid in 2021.
  4. Click the data entry field below Type of tax, and type "Rental real estate".  Click the data entry field below Amount paid, and type the amount, then click Continue.

Note that any link in the information above is updated each year automatically and will take you to the most recent version of the webpage or document at the time it is accessed.


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