Hi community, I have a situation with Turbotax 2024 where a second home mortgage interest deduction is less than allowed limit by IRS for filing jointly on loans after 2017 being less than $750k.
Here is my example.
Second home purchased with loan origination with Bank A on 11/30/2023, for $726200, interest paid $82529.93, reported on form 1098 issued for CY 2024.
Refinanced with Bank B on 01/24/2024 for $712000 (covered the difference on my own), interest paid $1092.4, reported on form 1098 issued for CY 2024.
Loan sold to Bank C on 03/01/2024, interest paid $41377.73, reported on form 1098 issued for CY2024.
If I add these up, I should be able to deduct $50,730.06.
Just Turbotax recalculates my mortgage interest as "limited" to $26,630.0, and no explanation. I checked all the answers as second mortgage, secured by property and so on, the only odd thing, since I have 3 lenders, is asking for each one when did I purchased the home, even if I selected "refinanced" for the Bank B and C, plus checked the box on "acquisition" on bank C. It seems to me is a bug in their math, anyone experiencing similar situation?
