![]() ![]() No, you cannot omit the second Form 1098. I can't just omit a 1098 form and "decide not to take a deduction" right? I know there are lots of posts about having two mortgages from different limitation timeframes, but none of the answers seem to address this particular question of how to deal with it in the TT? Please correct me if I am wrong! Thank you! My question is how can I override TT to do this calculation correctly? None of the TT steps/questions seem to allow this. I have gone through this on the Mortgage Interest Deduction Worksheet in Pub 936. However, given that my new mortgage is only part-year, the Interest paid divided by Interest rate method is more appropriate, which would appropriately calculate my deductions as the law intends. This results in a big reduction of my deductions as if I am being penalized for having taken out a new mortgage. ![]() It seems that TT uses the Average of first and last balance method to calculate the Average Mortgage Balance. The new home is financed with a new (much larger) mortgage starting September 2021. The first home has an active mortgage originated prior to 2017 and hasn't yet been sold. We moved this year from one home to another.
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