I entered my home(s) interest into turbo tax and the deduction is no the amount I entered. I have a main home with the original loan and a refi of that home (same lender). I have a qualified second home (RV) original loan. The interest being deducted is 80% less than what I netered. The value of both is less than $750K. I went back to last years taxes and the same thing happened when I enterd the interest for the original loans for both homes. What am I missing?
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This might be because of the manner you reported the 1098's. Try this to see if this works.
Note: If you took money out of your refinance and did not spend it on your home, you won't be able to claim mortgage interest on that amount that you didn't use for the home. I mention this because this may have been another reason why your mortgage interest was limited.
This might be because of the manner you reported the 1098's. Try this to see if this works.
Note: If you took money out of your refinance and did not spend it on your home, you won't be able to claim mortgage interest on that amount that you didn't use for the home. I mention this because this may have been another reason why your mortgage interest was limited.
This Work perfectly. Thanks
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