Question

mortgage interest

Forum|Forum|5 years ago
May 17, 2021
1 reply
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why is my mortgage interest showing as $1405 instead of the actual amount I paid?

It depends.

As this is a public forum, we cannot see your income tax return so we cannot address exactly what is going on with your return.

As long as your principal balance is below the limits and your loan is secured by your residence, you should be able to deduct the entire amount of your mortgage interest expense. This would be an issue if your loan balance exceeds $750,000. If it exceeds this balance, your deduction will be reduced.

If you refinanced, please see the link below to assist you in entering your 1098 information to ensure the deduction is not limited.

Multiple 1098 forms

Deductible expenses on refinance

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