TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

A

Anonymous

Solved

TCJA question for multiple mortages

1 reply
28 views

My wife had a mortgage from before our marriage (prior to 2017) around ~250k. We bought a house together in 2020 and the mortgage amount was ~590K. Since one mortgage is prior to TCJA and another after and the total debt is >750k, how much mortgage interest can I claim as deduction for 2020 taxes? (newer house is primary residence, and previous is second home, we file jointly and we will be itemizing).

DaveF1006Answer

Alumni - Intuit

Yes, there is a way for you to pre- determine how much mortgage interest you can deduct. Read publication 936 to Table 1. This is a worksheet that will help you determine how much allowable mortgage interest you can expect to deduct from your return. Turbo Tax will also make the determination for you.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

DaveF1006Answer

Alumni - Intuit

Yes, there is a way for you to pre- determine how much mortgage interest you can deduct. Read publication 936 to Table 1. This is a worksheet that will help you determine how much allowable mortgage interest you can expect to deduct from your return. Turbo Tax will also make the determination for you.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"