zomboo
Level 7
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Pub 936 does not provide guidance on how to calculate the average balance of the two mortgages resulting from the sale and purchase of a primary residence. As y...
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@KSB78Pub 936 is an interpretation of the tax law but we are allowed to use any reasonable method to determine the amount of deductible interest that complies w...
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In replying to "Since you first took out this loan, how much has been spent to buy, improve, or build the home it's secured by?", you need to include the origin...
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Since you refinanced in 2024, you will have two 1098's, one for the original mortgage and one for the refinancing mortgage. Box 2 should should the balance as o...
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Turbo Tax is adding the average balances together and applying the 750K limit: 750K / (408K + 720K) = 66.5% of your total interest is deductible. This is in acc...
Activity Feed for zomboo
- Posted Re: Mortgage Interest Deduction when you Buy and Sell in the Same Year on After you file. November 2, 2025 10:04 PM
- Posted Re: Mortgage Interest Deduction for Multiple Mortgages during the year on Deductions & credits. October 24, 2025 10:24 PM
- Posted Re: Mortgage Interest Deduction Question for Home Mortgage Refi on Deductions & credits. April 11, 2025 11:02 AM
- Posted Re: Home Mortgage Interest Deduction on Deductions & credits. April 9, 2025 2:03 PM
- Posted Re: Turbo Tax Question: Multiple 1098 with home sale & purchase same year. Mortgage Interest isn't working correctly on Deductions & credits. April 9, 2025 1:46 AM
- Posted Re: Home Mortgage interest not transferred from 1098 to Sch A on Deductions & credits. April 7, 2025 7:34 PM
- Posted Re: Home Mortgage interest not transferred from 1098 to Sch A on Deductions & credits. April 7, 2025 7:24 PM
- Posted Re: Home Mortgage Interest Deduction on Deductions & credits. April 7, 2025 7:13 PM
- Got Cheered for Re: Home Loan Interest - Large Lump Sum Payment made in January. April 7, 2025 6:10 AM
- Posted Re: Home Loan Interest - Large Lump Sum Payment made in January on Deductions & credits. April 5, 2025 3:00 AM
- Posted Re: 2024 Home Mortgage Interest Deduction worksheet with two mortgages, two homes on Deductions & credits. April 3, 2025 11:43 PM
- Got Cheered for Re: If I have a Heloc and I used to purchase a house, can I deduct the interest? If so, where in .... April 3, 2025 7:44 AM
- Posted Re: Mortgage Interest Deduction on Deductions & credits. April 2, 2025 5:29 PM
- Got Cheered for Re: How do I get through to Turbo Tax that the Mortgage Interest deduction is calculated wrong (s.... April 2, 2025 12:16 PM
- Got Cheered for Re: TurboTax Incorrectly Applying Qualified Loan Limit and Reducing Deductible Mortgage Interest .... April 2, 2025 6:31 AM
- Posted Re: TurboTax Incorrectly Applying Qualified Loan Limit and Reducing Deductible Mortgage Interest ... on Deductions & credits. April 2, 2025 12:15 AM
- Posted Re: Average mortgage outstanding? on Deductions & credits. April 1, 2025 11:04 PM
- Posted Re: Construction to Permanent Loan over a calendar year end question on Deductions & credits. April 1, 2025 8:11 PM
- Got Cheered for Re: Construction to Permanent Loan over a calendar year end question. April 1, 2025 5:56 PM
- Posted Re: Construction to Permanent Loan over a calendar year end question on Deductions & credits. March 31, 2025 11:47 PM