Deductions & credits

Check your dates on the loans. Review your answers again. The program works.

I made up an example  for outstanding mortgage. I used $1.6 million grandfathered debt.

I used bank 1 as an existing mortgage. Enter it, box 2 outstanding mortgage balance entered, pre-2019 date for loan.

Then I entered bank 2 as a refinance.so it has a mortgage origination date in 2019. I marked this is a new loan, secured by my property. Is this the original loan to purchase the property? No, this is refinanced loan. Have you used the money exclusively on this home, yes. I even said that I pulled money for use on the house.

Bank 3 -bought out bank 2 - same mortgage principal or slightly less than bank 2 and origination date after bank 2 - when it was taken over. No points, secured by my property. Loan I refinanced, No to cash pulled.

My worksheet shows that I am getting all 3 mortgages and it shows on schedule A. 

If you can not get it to work, you may need to  contact a specialist that can work through that section of the return with you. 

@Ungers2010