If you were able to deduct all of your mortgage interest for 2022 but should have had a limitation applied because you took the loan out after December 15, 2017, and your outstanding debt was larger than $750,000, you could have been affected. However, TurboTax did run a study and notified users who appeared to have been affected. The debt limit is working for Federal returns for 2023.
For mortgages acquired after December 15, 2017, taxpayers can write off interest paid on indebtedness of $750,000 or less. If mortgage indebtedness exceeds $750,000, only a percentage of the interest can be deducted.
See IRS Publication 936 for more details about the mortgage interest deduction.
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