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Deductible interest on refinanced mortgage
I noticed that this problem was discussed in January of 2019. Seems Turbotax still hasn't fixed what appears to be a bug.
I refinanced twice during 2020 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 , so my debt appears 3 x larger than it should and now exceeds the loan limit, resulting in a limited interest deduction.
Does anyone know how to fix this?
‎January 23, 2021
11:17 AM