turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

momc2000
New Member

Why is my mortgage interest lower compared to what was reported last year? My loans haven't changed since they originated in 2012.

My Mortgage Interest deduction is -25% lower than my reported Mortgage Interest deduction last year.
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

5 Replies
Ashby
New Member

Why is my mortgage interest lower compared to what was reported last year? My loans haven't changed since they originated in 2012.

Are the loans over $750,000?
Carl
Level 15

Why is my mortgage interest lower compared to what was reported last year? My loans haven't changed since they originated in 2012.

Inaccurate wording there that can be mis-interpreted. The question is, "is the outstanding balance on the loan as shown in box 2 of the 1098, more than $750,000?"
Ashby
New Member

Why is my mortgage interest lower compared to what was reported last year? My loans haven't changed since they originated in 2012.

Yes, and I was actually just reading that mortgages and refinances taken out before December 16, 2017 are grandfathered in at the $1 million debt limit. So, that would not be a reason for the decrease.
Carl
Level 15

Why is my mortgage interest lower compared to what was reported last year? My loans haven't changed since they originated in 2012.

I wonder how much of a decrease is involved here. The amount of mortgage interest paid each year will go down and should go down with each passing year, as the outstanding principle loan balance goes down. They're asking why their mortgage interest when down, so I'm not certain if they're talking about the mortgage interest actually paid, or something else.

Why is my mortgage interest lower compared to what was reported last year? My loans haven't changed since they originated in 2012.

 If you are asking why your interest is less this year on your 1098 than it was last year on your 1098, this would be because as you make payments your principal balance decreases.  As your principal balance decreases the interest paid on the loan decreases. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies