topic Re: Deductible home mortg Interest in Get your taxes done using TurboTax

Deductible home mortg Interest

Anonymous — Mon, 23 Feb 2026 09:40:28 GMT

I have two properties.

Property A’s original loan was in June 2017, refinanced in 2020. No cash out. Loan amount is $258,274

Property B’s original loan was in October 2021. Loan amount is $812,202.

How is deductible mortgage interest calculated?

Re: Deductible home mortg Interest

MarilynG1 — Tue, 31 Jan 2023 01:55:56 GMT

If you're using TurboTax Desktop, you can review the Mortgage Interest Worksheet after you have entered your 1098's in the interview.

For TurboTax Online, you will need to save a PDF copy of your return to your computer to review it.

In your case, the interest deduction on your second loan will be limited as the new limit is 750K.

Here's more detailed info on Deducting Mortgage Interest and Mortgage Interest FAQs.

Re: Deductible home mortg Interest

Anonymous — Tue, 31 Jan 2023 01:58:03 GMT

But is the first loan also limited since the sum of the two loans is more than $1M?

Re: Deductible home mortg Interest

DMarkM1 — Tue, 31 Jan 2023 16:05:02 GMT

All the numbers will be totals. For example: Property A loan average 250,000 Property B loan average 800,000 Total loan average 1,050,000. Your loan limit is 750,000. 750,000/1050000 = .714 .714 x your total interest paid from box 1 of forms 1098 = deductible interest.