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Mortgage Principal Increases Tax Owed
When I input property taxes paid for 2023 the tax owed gets reduced. On the next line when it asks outstanding principle balance and a value is input, my owed tax goes up. This is not a refinance, this is not a HELOC - it's on Form 1098 from my lender. There is only 1 mortgage, that's it.
Why is this occurring? What impact does the outstanding principal entry have on my tax owed going up?
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‎February 29, 2024
11:26 AM