topic home mortgage interest deduction in Get your taxes done using TurboTax

home mortgage interest deduction

msintich — Sat, 08 Feb 2020 22:38:30 GMT

I refinanced my 2nd home and it appears that TurboTax is accounting for the outstanding mortgage principal for the same property twice which puts me over the $750,000 limit for married filing jointly for mortgages after 2017. Can you please clarify why this is the case and how to correct this?

Re: home mortgage interest deduction

DianeC958 — Sun, 09 Feb 2020 20:35:51 GMT

To correct this please review your entries for the refinanced mortgage. In Box 2 you should have $0. Box 2 is asking for the balance of the loan as of 01/01/2019. On the refinanced loan there is no balance at the beginning of the year.

Once you change this entry you will not be over the $750,000 limit and the program will deduct all of your mortgage interest.

Re: home mortgage interest deduction

SCVGuy54 — Tue, 11 Feb 2020 04:52:39 GMT

You say to put $0 for Box 2 - but TurboTax won't let you put $0 and insists on a dollar amount. How do you get around this? This appears to be an issue with 2018 as well.