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sfl85
Level 2
October 25, 2023
Question

mortgage interest deduction calculation

  • October 25, 2023
  • 1 reply
  • 12 views

How do I calculate the mortgage interest deduction for a loan of $1.3m and with mortgage interest of 7.5%?

1 reply

carolineb
Level 5
carolinebLevel 5
Level 5
October 25, 2023

Hello sfl85, 

Since the principal amount of your mortgage exceeds $750,000, the amount of interest that you can deduct will be limited. You can use any online mortgage interest calculator to determine the amount of interest paid for the year, then apply the limitations using this article: Deducting Mortgage Interest FAQs

You can always reach out for live help from a TurboTax agent when preparing your return for additional assistance in this area. 

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S
sfl85Author
Level 2
October 25, 2023

Thanks for the reply! 

Say the interest rate is very high. Is there a limitation on the total amount of interest paid on the $750,000 loan?  

carolineb
Level 5
carolinebLevel 5
Level 5
October 25, 2023

No deduction limitation of the interest paid on the principal balance of $750,000, even if the interest rate is high. 

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