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Would it be worth it with like 4 mortgages to file separate returns so we can get more back?
Turbo Tax tells me that we can only use 2 mortgages for deductions. We have 4.
Can we do it to get more back? If so how can we do it without putting all the info in Turbo Tax again?
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June 6, 2019
7:39 AM
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After you file
You can take mortgages on 2 houses ... so if they are on just 2 houses you can add them all together and enter them as one.
June 6, 2019
7:39 AM
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After you file
If they have a first & second mortgage on each property or the mortgage's changed banks during the year then they still have mortgages on only 2 houses which are deductible aren't they ? Of course they are subject to the limitations for acquisition & HELOC debts.
June 6, 2019
7:39 AM
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After you file
That strategy is specifically disallowed in publication 936.
Separate returns.
If you're married filing separately and you and your spouse own more than one home, you can each take into account only one home as a qualified home. However, if you both consent in writing, then one spouse can take both the main home and a second home into account.
June 6, 2019
7:39 AM