Yes. If each box 2 is showing over $600,000 then your total average mortgage debt does exceed $1M. The box 2 amount on each 1098 should show the amount of the loan on 1 January 2023 (or opening date if loan started in 2023) for that lender only. So if one lender loans 330,000 and the other 330,000 then each box 2 should have those amounts and the total average mortgage debt will not exceed $750,000.
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