How do I calculate California additional mortgage interest adjustment for home purchased in 2018?

Forum|Forum|7 years ago
February 1, 2019
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I had a 1 mil dollar loan for a home bought in 2018. Since California does not conform to the new federal limit on deducting mortgage interest on loans over $750,00 and I am wondering how to calculate the "qualifying interest disallowed on federal state return"?

B

Bees

Employee

Do the regulations for the state allow all the interest you were charged during that year? Look at your federal return itemized deductions form for the amount already taken for federal and put in the difference between that and the total on your mortgage information statement.

Disclaimer: Not a tax professional. Information gathered from internet links. Anything dated in June 2019 was posted in prior years and is before the 2019 limits and changes.