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What would cause my interest deduction to be much higher than what's stated on my 1098? I'm renting out a room in my home, does this adjust it in some way?
The loan is larger than $750K and was refinanced with a cashout option back in 2022. I've allocated 25% of the primary home to the renter and am splitting expenses including interest accordingly. I've listed the portion of interest in schedule E which seems to be the correct value however when I uploaded my 1098 for the mortgage interest in the deduction section, all of the value are correct when I review it but in the summary table it shows a much higher value.
‎February 1, 2025
10:55 PM