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Deductible Home Mortgage Interest Worksheet
I refinanced once - and my mortgage was also sold from one bank to another in 2019 - so I received 3 1098 Forms.
However, on the Deductible Home Mortgage Interest Worksheet, TurboTax adds the full amount of all 3 loans together (even though 2 of them have been paid off) to calculate the average balance of all home acquisition debt (part 2, line 2), so my debt appears 3 x larger than it should and now exceeds the loan limit, resulting in a limited interest deduction.
How do I fix this? Do I just manually adjust the total home acquisition debt to the new mortgage balance as of 01/01/2020?
‎January 30, 2020
9:01 PM