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Mark G790
Returning Member

Mortgage interest deduction not calculating correctly when sold and bought a bigger house with a bigger mortgage in 2020

 
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1 Reply
JamesG1
Expert Alumni

Mortgage interest deduction not calculating correctly when sold and bought a bigger house with a bigger mortgage in 2020

Did you report more than two 1098 forms on the tax return?  What was the amount of the mortgage loan that you paid off?  And what was the amount of the brand new mortgage?

 

Are you able to view the Home Mortgage Limitation Smart Worksheet among the forms to see which 1098 is being limited?  See these steps:

  • In the left hand-menu, select Tax Tools.
  • Select Print Center.
  • Then choose Print, save or preview this year’s return.
  • Now check the 2020 federal returns (or 2020 state returns) box and choose which forms to print out or all worksheets.
  • Select View or print forms, then go ahead and print.
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