My 1098 reflects Box 1 mortgage interest = $31,731; Outstanding mortgage=$853,483; Property taxes=$27,194; Insurance paid=$4,279
TurboTax Schedule A indicates Mortgage interest=$25,101 (limited due to >$750,000:
Real Estate taxes = $27,194 and overall limited to $10,000.
My question deals with Line 10 Deductible mortgage interest......should that be $31,731 or $25,101 in the column B Indirect expenses?
Line 16 Excess Mortgage Interest.....$0 or $6,630 in column B Indirect expenses?
Line 11 Real Estate taxes.....$27,194 column B Indirect?
Line 17 Excess Real Estate taxes?
Line 18 Insurance.....$4279 in column B Indirect?
Will any elections in this area impact Schedule A?
