topic I have 2 mortgages, one originating in 2013 and one originating in 2019 in Deductions & credits

I have 2 mortgages, one originating in 2013 and one originating in 2019

dmwegner — Sun, 09 Feb 2020 03:18:07 GMT

The 2013 mortgage is on my primary home and the 2019 mortgage is on a construction loan to build my new home. I would like to know which limit ($1M or $ 750K) I need to work with for my 2019 taxes. The 2013 mortgage is for $437K and the 2019 construction loan (closed on Sept. 27) is for $1.9M. How do I calculate the correct interest deduction?

Re: I have 2 mortgages, one originating in 2013 and one originating in 2019

NCperson — Sun, 09 Feb 2020 03:40:32 GMT

look at page 12 (line 1 is zero) ; the 2013 loan goes on line 2 and the new mortgage will go on line 7

easy

https://www.irs.gov/pub/irs-pdf/p936.pdf

Re: I have 2 mortgages, one originating in 2013 and one originating in 2019

dmwegner — Sun, 09 Feb 2020 05:50:40 GMT

Thank you. Because my closing for the 2019 mortgage happened in late Sept., I calculated the avg. monthly balance looking at each month's average vice (year start+year end)/2.