Are you saying that in mid 2024 your loan balance was 765,000 (over the 750,000 limit) but that up to that point, the loan balance was less?
You say: “When I received my year end mortgage statement from the bank, it indicates the year end principle balance for the mortgage was only half of the actual principle balance at the end of the year. This appears to be limiting the amount of mortgage interest I can deduct for the year.”
Interest can be limited if the loan balance is OVER 750,000, so I am not sure how claiming a higher balance would be advantageous for you.
Yes, you can use a different IRS approved calculation to determine the allowed interest and edit that amount in TurboTax.
If I am misunderstanding your question, please continue and clarify if you have two 1098 forms, or only one form and one statement, as well as the beginning and ending balances on the two loans, or if everything was listed on one 1098 since it was just a continuation of the loan.
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