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- Mortgage Interest Limit Worksheet for Acquired Loan
Mortgage Interest Limit Worksheet for Acquired Loan
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parvitstax
Level 5
Tuesday
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I have one mortgage for 11 months $800k loan with $50k interest. In December, this loan was acquired and I paid $5k in interest.
When I fill out the Mortgage Limit worksheet I enter the details for Loan 1 and Loan 2 but the calculations don't take into account the loan was acquired and my interest limit seems to be determined on a $1,600,000 loan (2 x $800k loans). Since this is the same loan essentially I combined the 2 loans and just entered them on Loan 1 column of the worksheet. Is this correct? Or is there another way to enter this type of loan acquisition?
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