Glamisduner
Active Member
I looked it up and mortgage interest is still deductible, although there's more limits if you loan was taken out after 2017. In my case (Despite the turbo tax warning, and confusing me) I think I just benefit more from the standard deduction of 24k. I owe less than 200k on my house. Turbo tax isn't adjusting my federal return because the standard deduction is still higher than my first and second mortgage interest amounts. Property tax isn't really a deduction anymore since I likely hit the 10k in taxes just out of state income tax, so instead of being able to deduct income tax and property tax and mortgage interest many in CA will hit the 10k limit just off their income tax, and you take a hit on not being able to claim property tax in addition.I seem to be in the same boat with turbo tax as glamisduner. It’s counting my mortgage interest of $14k toward the $10k cap
But if you have a huge loan (huge to me) of like 750k then you will likely still itemize, since you pay so much in interest.
I think the turbo tax warning comes up if have hit or hit the 10k limit when you enter the information, because you hit the 10k limit before or with your property tax. It has nothing to do with mortgage interest. It's just not a clear warning message which parts of the information you entered are exceeding your limit.
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