Hi,
Am trying to insert my mortgage interest deduction into Turbo Tax. My home (primary first home) was bought using a loan of $822,375, which is above the $750,000 limit for married couplies, filing jointly. The loan originated in November 2021 and i paid interest on it all of 2022. The amount of the principal as of 1/1/2023 was $804,135.51. And i paid $27,557.56 in interest in 2022.
How would i calculate the amount of the interest i am allowed to deduct per the figures above? the calculation Turbo Tax says is $25,415. but not sure how this was calculated.
