1098 CA

[Oafanad]

Bought home in CA, May 2018 for ~1.1M. How do we calculate the CA mortgage interest adjustment?

[NCperson]

TT will figure it out for you when you input the mortgage interest in the step x step approach

[Oafanad]

Unfortunately, TT is asking me to input the California Mortgage Interest Adjustment manually. So, I'm looking specifically for how to calculate it using my 1098. My schedule A, box 8, doesn't show me any reduced mortgage interest deduction. Does that mean federal accepted all of it? Even though the loan was in excess of $750K?

[NCperson]

From what I have seen, TT is using a two point average to assess the mortgage interest , so it sees your mortgage as half it’s value as the average given it is a new mortgage