Hi,
I lived in my previous home for 8 months and in a new home for 4 months. I converted my old home to a rental after moving out and I have mortgages for both.
The old home mortgage balance is < $750k but my new home mortgage balance is > $1MM.
If I enter the 2 forms as they are, TurboTax combines the 2 forms as if they are for the same house and I get much less deduction due to the $750k limit for Federal mortgage deduction limitation and the $1MM California State mortgage deduction limitation.
How do I enter the two 1098 forms so that TurboTax will be able to calculate the correct taxes?
