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Question

I bought a new home for primary residence and converted by previous home as a rental. Turbo tax adds two mortgages together and reduce interest deduction amount.

Forum|Forum|1 year ago
April 2, 2025
1 reply
0 views

Since only one of them was primary residence at any time, I think i should be able to deduct the interest paid when each house was primary residence fully but turbo tax doesnt allow it. Mortgage for each house is between 600-700k and sum mortgage will be above 750k limit

TurboTax Online

If you are not duplicating any months for the 2 mortgages, and are certain that you were under $750k for each mortgage for every month of the year (and are married filing jointly), on the first mortgage that is now a rental, type $0 in the 1098 entry for Box 2 - Outstanding mortgage principal. Keep the support with your tax records.