My spouse and I are filing MFS this year.
On the 1098 Mortgage Interest, our Mortgage interest in Box 1 is $10,246 which we are splitting 50/50 on each of our taxes (as $5,123 each) because we're filing MFS and we pay our mortgage from a joint account. Turbotax is saying my interest is being limited.
Box 1: $10,246 mortgage interest
Box 2: $380,000 outstanding mortgage principle
Whats going on here? Is this a red flag for an audit? I did everything as instructed, don't own a second home, or sold a home. Dont even know what 'limited' means.
Thank you
