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Deductions & credits
There is no AGI limitation on your mortgage interest.
You can deduct mortgage interest on the first $750,000 ($375,000 if married filing separately) of indebtedness. However, higher limitations ($1 million ($500,000 if filing separately)) apply if you are deducting mortgage interest from indebtedness incurred before December 16, 2017.
You may want to verify that your return is allowing you to claim your itemized deductions and is not defaulting to the standard deduction. To check this while in TurboTax, follow these steps:
- Select Search on the right hand of your screen,
- Enter Itemized Deductions,
- Select Jump to Itemized Deductions,
- Select Wrap up tax breaks at the bottom of the screen,
- Continue through all through the screens until you get to the Standard Deduction screen:
- Select, show me a break down of my itemized deductions to review,
- After you are done, select, Change my deduction,
- The next screen will ask you Which Deduction you want to take this year,
- Select Itemized, Select Continue.
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‎January 28, 2020
1:02 PM