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Deductions & credits
To verify if the program is working correctly, I plugged a $1M mortgage principal with $50K mortgage interest. The limitation was correctly applied by the following ratio;
($750K/$1M)($50K) =$37,500
Check Schedule A as Zomboo suggests. Also check your forms and look to see if the limitation was applied by looking at the Ded Home Mortgage Worksheet.
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‎April 16, 2024
11:55 AM