ptrkwan
New Member

I have multiple Form 1098 b/c I refinanced my mortgage multiple times during 2020. Why is Turbotax limiting my interest deduction when my loan amount is less than $500K?

My loan was originated in 2018 and it was less than $750K.  My total interest paid is $15K.  Turbotax is calculating deductible interest as only a portion of total interest paid which is causing the standard deduction to be taken as opposed to itemized deduction.  Turbotax is indicating that this is the case because "your $xxx of mortgage interest is the same as HP3L12 because true"