How do I input the Limited Home Mortgage Interest Deduction for a 1040 return using worksheet view in CCH Axcess™ Tax and CCH® ProSystem fx® Tax?
To input the Limited Home Mortgage Interest Deduction, complete the following:
- Go to the Deductions > Mortgage Interest Deduction worksheet.
- Select Section 1 - Limited Home Mortgage Interest Deduction.
- In Line 2 - Description of property, input as needed.
- In Line 3 - Fair market value at time last debt incurred, input as needed.
- Select Section 2 - Limited Home Mortgage Interest Deduction - Loan.
- In Lines 1-11 - Loan Information, input as needed.
- In Line 12 - Type of Mortgage code, input as needed.
- In Line 13 - Date debt incurred (Mo/Da/Yr), input as needed.
- In Line 14 - Interest paid in 20XX, input as needed.
- In Line 15 - Average loan balance for 20XX, input as needed.
- In Line 16 - Deductible points, input as needed.
- Select Section 1 - Limited Home Mortgage Interest Deduction.
- Calculate the return.
| Solution Id | 000180446/sw22588 |
|---|---|
| Direct Link |
