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Deductions & credits
I have the same problem and am curious with the table made. If the table is correct than hypothetically if I had no home for 6 months and bought a 1.5 million dollar home July 1, then my average acquisition would be 750,000 and all my mortgage interest would be fully deductible. I thought the correct way would be to get a ratio every single month and multiply by the monthly interest rate - that sum is the deductible amount. Then how do we enter it in turbo tax?
‎January 9, 2021
1:35 PM