Question

Why do my mortgage interest and property tax not utilized to 100% on itemized deduction?

Forum|Forum|4 years ago
February 27, 2022
1 reply
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I filed with itemized deduction in 2020, my mortgage interest payment, loans points and property tax together exceeds $45k, but turbotax only took $20k towards itemized deductions, not sure why it is like this and please share any insights of max limits that count towards mortgage and property taxes.

TurboTax Premier Online

taxes are limited to $10K

in certain situations, mortgage interest can be limited

we can't see your return mortgage interest for post 2018 would be limited to a max of $750K of debt but can be less in many circumstances

for pre-218 mortgages, the limit would be on $1million of debt but can also be limited to a lower amount in many situations

contact support to see if they can provide help. there would likely be a fee. if not you'll need a outside pro to review your data