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Get your taxes done using TurboTax
If the total of both 1098s is 750,000 or less, you don't need to do anything more than enter the 1098s as you receive them. There has been a glitch whereby TurboTax has added together both loan amounts as if they were separately borrowed amounts (rather than a refinance of the original loan) and therefore taking the borrowed amount above the $750,000 threshold established by the TCJA in 2018, when it should not do so. The post above yours is a workaround this issue, but you won't need it. Simply enter the two forms as you received them, and you should be entitled to the full mortgage-interest deduction (provided, of course, that you will qualify to itemize deductions).
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‎April 23, 2021
6:52 AM