I knew that but my total mortgage is only 1,050,000 so I should be able to deduct about 750000/1050000 ~= 74% of my total mortgage interest which is about 28000 but I only get 14000.
My outstanding balance on SCH A should be 1050000 but some how when I used turbo tax to enter the 2 loans (one is original loan and the other is refinance), it added up the balance for both loan so my outstanding balance on SCH A became 2100000 (doubled). The computation is wrong when there is refinance happened during 2020.
I looked into the pdf version and here was what I got:
The loan2 is the refinance loan to replace loan 1. My understanding is my outstanding balance should be computed based on the months the loans outstanding. The total mortgage outstanding should be = (1067000 * 2 + 1058000 * 10) /12 = 1059500. But I got 1067000 + 1058000 = 2125000 (almost double).
