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Deductions & credits
Same Boat @jsheahan10 . It feels odd to submit 1098s with TT Box 2 numbers that don't match my paper copies, but I am relying on Rafi's expertise! The last paragraph that @RaifH writes - IRS doesn't see the balance but just the interest - gives me peace of mind that this will be OK.
(I had a 400k loan for the first 8 months of the 2021 (Sold in August) and bought a new house in June w/ a 800k loan for the last 7 months of the year...TT calculating a 1.2M loan and I was only getting 60% of the mortgage interest deducted. When you average it all out, my total outstanding mortgage principal is ~620k, so this method I can deduct 100% of mortgage insurance.
March 16, 2022
11:24 PM