(Married filing jointly)
We had 4 different mortgage lenders this past year, but only one at any given time and always for a primary residence. We sold a house, bought another house, that loan was sold to another bank, and then we refinanced. That is why we have 4 different statements.
When I individually list out the mortgage interest paid to each of the different lenders, TurboTax is only computing a deduction of about 30% of the combined mortgage interest across all 4 mortgages. As an experiment, I created one single entry of the combined mortgage interest. TurboTax then gives 100% of that mortgage interest as a deduction.
My hypothesis is that TurboTax thinks we had 4 mortgages concurrently and were running into the $750K mortgage amount cap. If each mortgage amount was $600K, then TurboTax is calculating as if we had $2.4M in mortgaged amount. In reality, our mortgage amount was always under the $750K cap since only one was active at any given time.
