We are only getting 62% of our expected mortgage interest deduction in Deluxe TurboTax.
After researching IRS publication 936 and discussing this with a CPA, I should get 100% of my mortgage interest deduction. TurboTax is only allowing a partial deduction.
- I enter my 1098s for my primary and secondary home (dated 12/31/21).
- I enter my 1098 for refinance loan (new mortgage with different company) which transpired 1/22. The refinance paid off the primary and secondary home mortgages. It is secured by just the primary home.
- I enter my 1098 for the mortgage transfer which transpired on 7/23.
We are below the maximum mortgage balance allowed.
We've read this: How do I handle multiple 1098 mortgage forms? (intuit.com)
PS-I've been using TurboTax for over 30 years and this is the FIRST time I've been 'stuck'! 🙂
