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worbya
New Member

Mortgage interest was $27,746 home bought 2022. Why is itemized saying All Deductible Interest = $2,676? Why is it showing itemized deductions so low?

My total itemized is showing as $13,086. Bought home in 2020 and refi in 2022 with a cash out. All cash used towards home improvements. The itemized includes $10,000 property tax deduction, $410 charity deduction, and only $2,676 in what its calling all deductible interest.
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1 Reply
KrisD15
Employee Tax Expert

Mortgage interest was $27,746 home bought 2022. Why is itemized saying All Deductible Interest = $2,676? Why is it showing itemized deductions so low?

Please review the interview questions and verify that you indicated that the cash was used to improve the home

If any interest was paid as "points" that interest would need to be allocated over the life of the loan. 

 

If you are entering two 1098 Forms, please be sure you enter the oldest first and indicate that it was paid off. 

Check the balances to make sure the interest is not limited by the loan balance requirement of under 750,000.

 

IRS Pub 936

 

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