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My "Mortgage Interest and Refinancing" shows $19,336. The value for "All deductible interest" shows $10,171. Why are the two values different?

 
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3 Replies
DaveF1006
Expert Alumni

My "Mortgage Interest and Refinancing" shows $19,336. The value for "All deductible interest" shows $10,171. Why are the two values different?

It depends. If you are looking at the tax breaks page, it gives a combined total of Mortgage Interest, points, and mortgage insurance premiums that you may have reported in your program. Chances are you reported point totals along with your mortgage interest amounts.

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My "Mortgage Interest and Refinancing" shows $19,336. The value for "All deductible interest" shows $10,171. Why are the two values different?

Thanks Dave, but I didn't pay or report any points in my Mortgage Interest and refinancing section. Is there any other reason why my interest might be limited?

Mortgage Interest Inquiry.png

LinaJ2020
Expert Alumni

My "Mortgage Interest and Refinancing" shows $19,336. The value for "All deductible interest" shows $10,171. Why are the two values different?

The issue has been submitted and is currently under investigation.  Please click on the following link and sign up for an email notification when it's fixed.  

 

Limited interest and points must be entered

 

Home Mortgage interest being limited

 

Thank You for your patience. 

 

Your deduction is generally limited if all mortgages used to buy, construct, or improve your first home (and second home if applicable) total more than $1 million ($500,000 if you use married filing separately status) for tax years prior to 2018. Beginning in 2018, this limit is lowered to $750,000. Mortgages that existed as of December 14, 2017 will continue to receive the same tax treatment as under the old rules.

For tax years before 2018, you can also generally deduct interest on home equity debt of up to $100,000 ($50,000 if you're married and file separately) regardless of how you use the loan proceeds.  For details and learn more, click here: Home mortgage interest limitation

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