Yes, you may claim mortgage interest deduction regardless of the number of lenders as long as the loan does not exceed $750,000 for married filing joint ($350,000 for single filers). The home mortgage loan must be secured by the property to qualify for the deduction. The following are steps to enter deductible home mortgage interest:
- Login to Turbo Tax, Online of Desktop version.
- Under Federal Taxes, in Deduction and Credit tab, click "I'll choose what I work on".
- Under " Your 2020 Deduction and Credit", click update or start next to Mortgage Interest, Refinancing, and Insurance.
- Under " Home Loan deduction summary" click edit and enter the lender's information, one at a time.
- Click continue until you get to the screen " Is this loan secured by a property of yours?"
- Click Done.
- The next screen is a question " Do any of the situation apply to you?". Your answer here will determine if your loan exceeded the allowed home mortgage loan amount.
See,can i deduct my mortgage interest?, for additional information.
