I had a HELOC in 2024 (1098 Box 3 Origination Date 07/28/23). The balance on 1/1/24 was $274,000 (1098 Box 2). Ending balance before it was paid off was $296,000 (paid off in July 2024). Total Interest in 2024 on the HELOC was $12,800 (1098 Box 1). Acquisition Date (1098 Box 11) is blank . Of the total HELOC Balance, ONLY $40,000 was used on the home secured by the loan - the rest was used to modify a new (different) home I purchased and moved into in May 2024. TurboTax is claiming the entire $12,800 is deductible, however shouldn't only $1,729 be deductible ($40,000/$296,000 * $12,800 = $1,729)? How do I get TT to calculate and input the correct deductible amount?
