Question

home mortgage interest deduction

Forum|Forum|6 years ago
February 8, 2020
1 reply
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I refinanced my 2nd home and it appears that TurboTax is accounting for the outstanding mortgage principal for the same property twice which puts me over the $750,000 limit for married filing jointly for mortgages after 2017. Can you please clarify why this is the case and how to correct this?

D

DianeC958

To correct this please review your entries for the refinanced mortgage. In Box 2 you should have $0. Box 2 is asking for the balance of the loan as of 01/01/2019. On the refinanced loan there is no balance at the beginning of the year.

Once you change this entry you will not be over the $750,000 limit and the program will deduct all of your mortgage interest.

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S

SCVGuy54

You say to put $0 for Box 2 - but TurboTax won't let you put $0 and insists on a dollar amount. How do you get around this? This appears to be an issue with 2018 as well.