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Combined mortgage deduction lower than one of them.
I moved from old house to a new one in 2024 and I have mortgage interest on both. The old one with ~$100K principal initiated before 2017 and the new one with ~700K starting in 2022. TurboTax use the formula (interest1+interest2)*750K/(principal1+principal2) for the deductible interest and it is lower than interest 2. Is it correct? Can I somehow choose to just use interest 2?
‎April 13, 2025
11:45 AM