How do I indicate to TurboTax that my mortgage int...
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nacorkum
New Member

How do I indicate to TurboTax that my mortgage interest deduction should be limited? For part of the year I had over $750k in mortgage debt but it's not limiting it.

I owned 2 houses for all of 2019, one with mortgage of $520k and the other with mortgage of $300k, which add up to $820k. The $300k mortgage is from 2018, so my understanding is I fall under the $750k cap. However, Turbotax is including the entire mortgage interest amount on my return and not asking me any questions about this situation, so I don't know how to fix it.

Even more detail: The property with the $300k mortgage was converted to a rental property in April 2019, so I have prorated and split the mortgage interest (and property tax) amount between the sections that add it to Schedule A and Schedule E; not sure if this is somehow breaking TurboTax.
2 Replies
sbstnshane
Returning Member

How do I indicate to TurboTax that my mortgage interest deduction should be limited? For part of the year I had over $750k in mortgage debt but it's not limiting it.

Hi,

Do you have any feedback about how you end up resolving this?

DianeW777
Expert Alumni

How do I indicate to TurboTax that my mortgage interest deduction should be limited? For part of the year I had over $750k in mortgage debt but it's not limiting it.

The answer is in your other post, however I will add the link to the worksheet here for your convenience. Review the worksheet to average your loan and determine the percentage of allowed deduction, then manually enter the correct amount of mortgage interest. Keep the worksheet for your files.

 

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