Deductions & credits

Your mortgage deduction should be calculated as follows: $750,000/835,266 = ..898 (this is your limitation percentage) x $33,181 = $29,797.

Your mortgage debt can’t exceed $750,000 (or $1,000,000 if the loan was taken before December 16, 2017) to get the full mortgage deduction. It is decreased as a percentage of your total mortgage interest.  

If you are using TurboTax Desktop, you can view your "Deductible Home Mortgage Interest Worksheet to see how it was calculated as follows:

1. Click on "Forms" in the upper right corner of your TurboTax screen to switch to "Forms Mode"
2. In your left panel scroll down to "Ded Home Mort"
3. Your mortgage interest limitation calculation is in Part 3

If your mortgage interest was not calculated properly, go back and review your mortgage interest input screens.

Your Deductible Home Mortgage Interest Worksheet would look like this:

Click here for Can I deduct my mortgage interest?

Click here for Publication 936 (2024), Home Mortgage Interest Deduction