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Deductions & credits
Yes, you can include the mortgage interest and property taxes from both of your homes. However, the deduction for mortgage interest starts to be limited at either $750,000 or $1 million depending on how long you have had the loan. TurboTax will calculate your mortgage interest deduction after you enter both of the 1098s. To determine your average balance on both loans, TurboTax will also ask for the outstanding balance as of January 1, 2022.
Also, you may not deduct more than $10,000 in total taxes paid for property taxes and income or sales tax.
March 5, 2022
2:46 PM