1897421
I bought my current home in 5/17. My original loan was for >$750k but <$1M. In 2019, I refinanced my original loan with a balance >$750k and no cash out. For my 2019 taxes, I had two 1098's and Turbo tax allowed me to add the two interest amounts and deduct the entire amount. Last year I refinanced in November before Thanksgiving, and my first payment with the new mortgage company was in January 2021 so I did not receive a 1098 for 2020 from my new mortgage company (only one from the previous mortgage company). TurboTax is treating my mortgage interest in 2020 like I just purchased the home (even though I checked the box that it was a refinance) and limited my interest deduction to the interest on the maximum loan balance of $750k. Since this is still my original home from 2017 (even though I have refinanced twice), how do I get TurboTax to allow the full interest deduction?
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Some TurboTax customers are experiencing an issue with their Home Mortgage Average Balance. This can cause in the the Home Mortgage Interest to be incorrectly limited.
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I'm having a similar problem in which my property taxes and interest deduction appear not to reflect the max amount that the IRS allows. I experienced a similar problem as sp1964 wrote. I went to the link within Turbo Tax message to apply for a form. An error message was recorded. In my case I have two properties of three that will exceeds the max rate. Can I prorate the interest rate of two properties to achieve the max interest deduction allowed?
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