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Deductions & credits
@robertppoppe , yes , it is possible but highly unlikely. The programming is generally geared to tackle most common situations and the text of this particular provision in the statute is also written the same way --- while it does not disallow, it assumes the usual scenario of a new or existing mortgage with a term longer than one year -- the typical being 30 years. If your case is such that mortgage was started after Jan 1 and was paid off before the end of the same year, you would have to have help Turbo by manipulating numbers by hand --- note that the reason the for the requirement of the Jan 1 and Dec 31st amounts is to compute the average indebtedness for the year ( TCJA ).
Hope this helps
‎January 27, 2020
7:40 PM