I have a question on the mortagage interest itemized deduction.
I have a property from rental to personal primary home in 2023. The mortgage amount is greater than $750,000
My understanding is that for the part of interest I paid at the time for rent, I can have all the interest deducted for rental income, while for the part of my personal usage, it is subjected to 750,000 cap, is that correct?
If so, it seems turbotax is auto putting the mortgage interest as itemized deduction after I typed the mortagage interest for rental and disregard the 750,000 cap.
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Yes, you are correct. It is the personal portion that is being limited specifically for itemized deductions. This type of situation becomes complex for the mortgage interest calculation.
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