Hi
I am asking this question after searching the community and not finding a satisfactory answer.
My situation is as follows:
1. Home mortgage of over $1 Million taken in 2021 at 3%
2. Property and school taxes for the year 2022 were $20k
My query is as follows
1. Mortgage interest publication says that the interest paid on the first $750k is deductible.
How do I calculate the interest deductible since my balance is over $1 Million
2. Turbo Tax last year asked me to take a standard deduction last year, however I feel that it must be a mistake and maybe I will benefit from higher deductions if I did itemized deductions ?
Please advise on what is the correct way to handle this
