1. So in my case with the old house with the 500k loan and the new house with the 750 k loan, let's say the new house was bought Mar 1, and the old house sold Jun 1.
The mortgage interest for the new 750K loan house is $14k, and this would essentially be the interest I can deduct for Mar-Dec. The prorated interest for Jan and Feb for the old house is $4k, and i can deduct that for the time before I got the new house. The remaining interest for the old house for Mar-Jun1 unfortunately is not deductible because of the 750k cap.
So I can deduct: $4k for Jan-Feb and $14 k for Mar-Dec for a total of $18 K for the entire year.
Is this correct?
2. If the calculation for above is correct, there still seems to be an issue with my TT desktop premium. I entered in all the data as specified, but it's only giving me a $14.1K deduction for mortgage interest, not $18K.
I saw on another thread @https://ttlc.intuit.com/community/tax-credits-deductions/discussion/still-get[product key removed]tible-home-mortgage-interest-worksheet/00/2497987/page/_13 that the software is having problems when there are two 1098 forms, and some community members advised doing the calculations by hand and overriding the entries on the Turbotax form. Is there any chance that Intuit/Turbotax will fix this software error or should i manually change to the correct amount? is there someplace I should call or notify?
