Mortgage interest related question

[psk1]

I have a home loan taken in 2015. It is my primary home. It has gone through 3 refinances since then. Remaining amount on this loan was little over $1m on 1st of Jan 2023. I have not taken any equity on this one so far. Am I eligible to take full interest (up to 1M)  in deductions?

[zomboo]

Yes, Turbo Tax assumes the mortgage limitation is based on the original mortgage date and not on the the refinance date since Pub 936 does not specially say otherwise. When entering the 1098 for your current refinance, Box 3 will have the refinanced date. That's okay. If you checked that this loan is a refinance of a previous loan, Turbo Tax will ask you for the date 'the home was purchased by 'refinance lender name' when you complete and click Done on the 1098 page. Enter the 2015 date of the original mortgage.

[psk1]

Thank you. For some reason turbo tax is giving 0 deduction if I select yes for the question "Original debut occurred before 12/15/2017 and debt amount has not increased since origination with any refinances".

[zomboo]

That is an issue with the online version that has been recently reported as fixed. There should be an option to update the software. Try doing that.

[psk1]

Thanks for the update.