Yes, it is. If you’ve ever used part of this loan to pay for things other than this home, you cannot deduct the interest from that amount of the loan, even if the transaction didn’t take place this year.
Don’t worry, we’ll help figure out what amount of interest you can deduct.
Examples of common ways you might have used this money not on your home include:
- Making a down payment on a different home
- Funding improvements on a different home
- Making a payment on a different loan or debt
- Having miscellaneous large purchases
To read the whole TurboTax FAQ, see Can I deduct my mortgage?