JoannaB2
Expert Alumni

Deductions & credits

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 ($375,000 for married filing separately). 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:

  1. Login to Turbo Tax.
  2. Under Federal Taxes, in Deduction and Credit tab, click "I'll choose what I work on".
  3. Under " Your 2020 Deduction and Credit", click update or start next to Mortgage Interest, Refinancing, and Insurance.
  4. Under " Home Loan deduction summary" click edit  and enter the lender's information, one at a time.
  5. Click continue until you get to the screen " Is this loan secured by a property of yours?" 
  6. Click Done.
  7. The next screen is a question " Do any of the situation apply to you?". 

See, why is my home mortgage, if any issues encountered.