https://ttlc.intuit.com/community/tax-credits-deductions/discussion/tcja-question-for-multiple-mortages/01/2115825#M198559 <P><SPAN>My wife had a mortgage from before our marriage (prior to 2017) around ~250k. We bought a house together in 2020 and the mortgage amount was ~590K. Since one mortgage is prior to TCJA and another after and the total debt is &gt;750k, how much mortgage interest can I claim as deduction for 2020 taxes? (newer house is primary residence, and previous is second home, we file jointly and we will be itemizing).</SPAN></P> Sun, 21 Mar 2021 05:48:02 GMT Anonymous 2021-03-21T05:48:02Z https://ttlc.intuit.com/community/tax-credits-deductions/discussion/tcja-question-for-multiple-mortages/01/2115825#M198559 <P><SPAN>My wife had a mortgage from before our marriage (prior to 2017) around ~250k. We bought a house together in 2020 and the mortgage amount was ~590K. Since one mortgage is prior to TCJA and another after and the total debt is &gt;750k, how much mortgage interest can I claim as deduction for 2020 taxes? (newer house is primary residence, and previous is second home, we file jointly and we will be itemizing).</SPAN></P> Sun, 21 Mar 2021 05:48:02 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/tcja-question-for-multiple-mortages/01/2115825#M198559 Anonymous 2021-03-21T05:48:02Z https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-tcja-question-for-multiple-mortages/01/2117350#M198723 <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Yes, there is a way for you to pre- determine how much &nbsp;mortgage interest you can deduct.&nbsp; Read&nbsp;<A href="https://www.irs.gov/publications/p936#:~:text=Part%20II%20explains%20how%20your%20deduction%20for%20home,your%20deduction.%20Getting%20answers%20to%20your%20tax%20questions." target="_blank">publication</A>&nbsp;936 to Table 1.&nbsp; This is a worksheet that will help you determine how much allowable mortgage interest you can expect to deduct from your return. Turbo Tax will also make the determination for you.</SPAN></SPAN>&nbsp;</P> Sun, 21 Mar 2021 18:44:28 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-tcja-question-for-multiple-mortages/01/2117350#M198723 DaveF1006 2021-03-21T18:44:28Z