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Two mortgages - one issued in 2015 - one in 2018 - combined value over $1M

Mortgage One - Primary Residence acquired in 2015

Bgn Balance - $520,948
End Balance - $0   - Home sold 9/2019
Interest Paid - $15,704

 

Mortgage 2 - Primary Residence acquired in 2018
Bgn Balance - $598,478
End Balance - $589,585
Interest Paid - $29,662

 

Can I deduct the entire interest amount of $45K?  Any tricks to entering in TurboTax desktop?
Many thanks in advance.

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2 Replies

Two mortgages - one issued in 2015 - one in 2018 - combined value over $1M

Did you ever find an answer to this question?  I have a similar situation with a mortgage for my vacation property from 2015 but my primary residence mortgage is from 2018.   Cannot find any information on whether the $750k limit applies to the 2015 mortgage or if I can go up to $1M.

DaveF1006
Expert Alumni

Two mortgages - one issued in 2015 - one in 2018 - combined value over $1M

It depends.  If these are separate residences, the full amount of the mortgage interest as deductible since both are under the maximum mortgage limitation amount. I actually created a scenario in my TurboTax program to recreate the parameters you outlined and received credit for the full amount of mortgage interest paid.

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