My brother and I are sharing a mortgage with over $750,000. I know for a fact that the interest will be subjected to a limit. I did my tax return and it's calculating my interest deduction correctly but when I did my brother's tax return, turbotax is deducting the full amount. I think the issue is because his SSN is not reported on the 1098 form. I played around with it and if I chose the option where it says that 1098 shows his SSN, it will calculate the correct interest deduction with the application of the limit. How can you solve this? The interest deduction amount should be the same amount for both of us since we split it evenly.
