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If the total amount of your mortgage balance exceeds $750,000, then the amount might be limited.
Mortgage interest deduction limits
Since you just refinanced the same loan and if your total loan balance did not exceed $750,000 throughout the year, you will need to review your input.
Be sure that you have entered $0 for the loan that was paid off in Box 2 - Outstanding mortgage principal on the screen titled Let's get the details from your Home loan 1098.
You will also want to select that the loan that was refinanced and is no longer there at the end of the year is marked as paid off during the year.
Please see the following link for additional information on entering the refinanced mortgage interest expense.
If the total amount of your mortgage balance exceeds $750,000, then the amount might be limited.
Mortgage interest deduction limits
Since you just refinanced the same loan and if your total loan balance did not exceed $750,000 throughout the year, you will need to review your input.
Be sure that you have entered $0 for the loan that was paid off in Box 2 - Outstanding mortgage principal on the screen titled Let's get the details from your Home loan 1098.
You will also want to select that the loan that was refinanced and is no longer there at the end of the year is marked as paid off during the year.
Please see the following link for additional information on entering the refinanced mortgage interest expense.
Thank you so much! That was exactly what needed to be done!
Some TurboTax customers are experiencing an issue with their Home Mortgage Average Balance. This can cause in the Home Mortgage Interest to be incorrectly limited.
If you're experiencing the issue above, please go here to receive email notifications when any updates related to this issue become available.
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