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Mortgage Interest Deduction question. My loan is $1.65 mil. Do I enter the entire amount of interest from my 1098 or the amount up to $1 mil? Thx

 
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Mortgage Interest Deduction question. My loan is $1.65 mil. Do I enter the entire amount of interest from my 1098 or the amount up to $1 mil? Thx

When you enter your 1098 information into the 1098 section of TurboTax's interview, enter the same amounts that show up in the corresponding boxes on the 1098 you received from your lender. TurboTax would to figure out the rest for you -- if there are any limits to be applied; TurboTax should apply them.

JohnB5677
Employee Tax Expert

Mortgage Interest Deduction question. My loan is $1.65 mil. Do I enter the entire amount of interest from my 1098 or the amount up to $1 mil? Thx

Yes, You should enter the entire amount of interest that is indicated on your 1098. 

 

TurboTax will make the calculation to adjust the deductible portion of the interest.

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