I have two 1098 forms. One for a coop on which the loan originated in 2016 and the balance is now $37943 in 2022 and the interest amount is $1420. I get a 1098 for my share of this loan. The other loan is when I purchased a unit in this coop in July 2021 for $750,000 and my interest amount for 2022 is around $24,000. My questions are:
Isn't the $1420 on the coop loan fully deductible since it has an original loan date that was in 2016 and falls under the $1M loan limit? The other $750,000 loan is after the December 2017 so it is limited to interest on the $750,000 amount but wouldn't the interest on this $750,000 loan be fully deductible since I am under the $750,000 limit?
The turbo tax software seems to be adding both loans for a total of $787,943 and limiting it to the $750,000 so it is reducing the interest to a percentage when dividing $750,000 limitation by $787,943.
Wouldn't I be able to deduct the total interest from my 1098's of $1420 and $24,000?
If so, how would I enter into Turbo Tax to be able to get the full interest deductions and reduced limits?
