Question

Why does adding second home mortgage INCREASE my tax due?

Forum|Forum|4 years ago
April 10, 2022
1 reply
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I have primary home mortgage balance $600k.  I entered it and dedutcted my interest. My tax due went down.

I then added my second home I purchased in 2021. Loan balance 1.1M.  I entered it and my total tax due went up!

I know there is a $750k limit. I would expect to be able to use up the remaining $150k over and above my primary mortgage balance.  Is there a fix?

TurboTax Self Employed Online

P

pk12_2

Employee

@Celery63 , assuming that what you are saying is that 1. your main home loan balance is 600 K and your second home loan balance is 1.1M and 2. that you have entered two mortgages, it seems TurboTax is thinking that your home has a loan balance of 1.1 M or 1.7 M. Please make sure TurboTax is interpreting your situation correctly .

Is this the only issue you are seeing ?