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Deductions & credits
I think I figured out what is the problem here. As soon as I add the information about the 2nd lender, TurboTax thinks it's a new loan and almost doubles my loan amount for the year, thereby restricting my mortgage interest claim. But in reality my loan amount is less than 750K.
I see the 'Does your mortgage interest need to be limited' set to Yes.
Can someone guide me how can I resolve this issue? How am I supposed to tell TurboxTax that it's the same loan and it's only being refinanced? I have tried all options in the UI, but that's not helping.
ā€ˇFebruary 5, 2021
1:01 PM