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Deductions & credits
Yes, it is an average. TurboTax will calculate your average mortgage balance. You enter the mortgage balance as of Jan 1st when you enter the 1098. So for a 2023 tax return and 1098, you will enter the mortgage balance as of Jan 1, 2023. See Pub 936 for details on how it is calculated.
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March 11, 2024
9:02 PM