I have a home mortgage of $1M (say). I got a 1098 saying "Mortgage Interest received" = $40K (say)
But actually home mortgage deduction is allowed only till $750K.
Should I just enter the numbers 1M and 40K in turbotax, and turbotax will pro-rata it behind the scenes?
Or while entering 1098 in turbotax, should I pro-rate it myself and enter mortgage = 750K and interest = (750/1000) * 40K = 30K?
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