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hi,
doing taxes...obviously.....and i've entered 7500 or so in mort. interest. it shows it correctly.....but then when it shows the summary, it's showing only 3440 for the mortgage interest line item.
i went back and the 7500 is still in the appropriate section. not sure why not all of the amount is showing up.
Mine seems to be working fine and giving the full amount. Not sure what you have entered. You're not looking at the 2012 column or anything, right?
I did see this message when filling out that section though:
There may be limits on the amount of interest you can deduct if any of these apply:
- The total amount of all your mortgages (first, second, home equity, etc.) is more than $1 million ($500,000 if married filing separately).
- The total amount of all your mortgages and home equity loans is more than the fair market value of your home when the loan closed.
- You have more than $100,000 ($50,000 if married filing separately) in home equity loans.
Mine seems to be working fine and giving the full amount. Not sure what you have entered. You're not looking at the 2012 column or anything, right?
I did see this message when filling out that section though:
There may be limits on the amount of interest you can deduct if any of these apply:
- The total amount of all your mortgages (first, second, home equity, etc.) is more than $1 million ($500,000 if married filing separately).
- The total amount of all your mortgages and home equity loans is more than the fair market value of your home when the loan closed.
- You have more than $100,000 ($50,000 if married filing separately) in home equity loans.
thanks. yeah, i'm looking at the right thing....and none of those conditions apply.
i'm at a loss...... :-(
You use 46% of your house for non-business use (is that really correct??).
So 12,000 * .46 ~= 7500
7500 * .46 ~= 3440
The rest is wrapped up in the business deduction portion of your taxes.
aah! brilliant! thank you! i would have never figured that out. lol
now, the question is this: which is worth more? should i NOT deduct the portion of the house used for business, thereby taking advantage of my full deduction of mortgage interest paid, or should i keep things the way they are?
aah! brilliant! thank you! i would have never figured that out. lol
now, the question is this: which is worth more? should i NOT deduct the portion of the house used for business, thereby taking advantage of my full deduction of mortgage interest paid, or should i keep things the way they are?
We have no idea how much you are gaining through the home office deduction.
Is it more or less than 7500 * .54 ~= 4,050?
Also, I'm surprised more than half of your home is used for business. Be wary of this, since home office deductions are a big trigger for audits. Even if you save a little more, you may want to forego it just to avoid the audit risk.
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