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Deductions & credits
You may not need to enter this specific line item.
The term debt on the date last secured refers to the loan amount on the date you signed papers for the loan.
This would be an issue if your loan balance exceeds $750,000.
If it exceeds this balance, your deduction will be reduced.
As you enter your information into the program from your 1098 Forms, TurboTax will determine if this will even apply to you. You do not need to specifically enter the original debt balance unless you are prompted to do so.
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‎February 3, 2020
12:07 PM