But that still doesn't work. Because the advice to handle multiple 1098s as it relates to the average balance to limit the deduction is to add the 1098s.
Property 1: Two 1098s. Average mortgage balance is $760,000 for the year. Total interest of $17k.
Property 2: Two 1098s. Average mortgage balance is $1,100,000 for the year. Total interest of $13k.
I've added the two 1098s together for each property since they are "refinances" per the Turbotax instructions, but the mortgage limiting is still treating it as my average balance for 2020 was almost $1.9M, instead of the two different amounts.
My interest should be $17k*(750000/760000)+$13k*(750000/1100000) for a total of approximately $25600. Turbotax is saying my deductible mortgage interest is only $12,000, which would be $30k* (750000/18600000).
