Mortgage intrest

[Fred831]

 I refinanced and got cash out and put in the amounts in the appropriate boxes. and got 3 forms of 1098 from my lenders. The mortgage interest in the deductions is showing 12,000 as the interest but in the itemized deductions summary the amount is showing only 7,600 available to get credit for. Why the difference?

[AmyC]

If you took money out and used it for things other than the house, then that money is not deductible mortgage interest.

If your balance was over $750,000 the deduction is limited. If not, the program may be adding your balances to create the limitation. You can enter $1 for the old loan balances.