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bobreynolds3pin
February 17, 2020
Question

Home Mortgage Interest Deduction

  • February 17, 2020
  • 1 reply
  • 0 views

I bought my home in 2016 with a $950k mortgage and filed joint married. I deducted all interest paid in 2016. 

In 2018 my wife passed away. I filed joint in 2018 and deducted all interest paid in 2018.

For 2109, I am filing as single (widowed), I refinanced my home in mid 2019 and have an average mortgage for 2019 of $788k. 

Turbotax wants my to calculate an "adjusted" interest. What do I use as the mortgage limit ($1M, $750K, or $375k?)   The software does not accept my using the $1M limit.

 

    1 reply

    N
    NCPERSON1
    February 18, 2020

    take a look at publication 936, and the worksheet on page 11

     

    https://www.irs.gov/pub/irs-pdf/p936.pdf

     

    should be a limit of $750,000...... the limit is only cut in half for married-separate filings, which is not your situation. 

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