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March 13, 2022
Question

Why is our mortgage interest deduction on Sch A being limited even though the loan is under $750K and AGI is under $200K for MFJ?

  • March 13, 2022
  • 1 reply
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I've read the IRS instructions.  Alternatively, in turbo tax, is there a way to see their calculation?

1 reply

March 14, 2022

So, I figured out how to print all the worksheets.  The limit was coming from our former primary residence having an ending mortgage balance show up even though it was paid off in Jan. 2021.  Once I changed that ending balance to $0, then the average loans were under $750K, and I was able to deduct all the mortgage interest.