Question

Re: Deductions Wrksht & 1099 We refinanced in '17 & used cash to make home improvements. We keep getting an error to limit the amount, which keeps going down. Help?

Forum|Forum|6 years ago
March 15, 2020
1 reply
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> Entered mortgage interest paid from form 1098
> Used the money to refinance
> When the system reviews the return, I get an error saying that I have to limit the amount to X
> I return to our mortgage interest form, put in X and click the box saying it's different
> Again I get the error, saying I need to lower it even more to Y.
> I make the changes and then get another error telling me to lower the interest paid to Z.
> I can't get out of the loop.
> From what I can tell from the IRS publication on this, we CAN deduct our mortgage interest.

TurboTax Self Employed Online

D

DianeC958

The best option may be to deduct the information you have put in this section of the program and start this section over.

If you took out your mortgage before December 2017 you can deduct the interest paid on up to $1,000,000 loan balance. If after December 2017 the amount you can deduct is limited to a loan balance of $750,000.

If you are below these limits, Yes, you can deduct your mortgage interest in full.

Can I Deduct my Mortgage Interest?

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