How to calculate home mortgage interest when loan exceeds $1million

I have a client whose home mortgage is in excess of $1,000,000. Therefore, the amount that is not "qualifed home mortgage interest" becomes investment interest. I can't find the form in either TurboTax or Intuit's Pro Series that makes the calculation of the amount that is 'qualified' home mortgage interest so that the excess can be carried over (if not used) as investment interest to be used in future years. ??? I had to do this by hand, but then how should I be entering it each year in these tax products???


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 It's not hard, just a little time consuming. Look at page 11 - it's a good worksheet.  You'll need to know beginning and ending balances of each loan.  Make sure you keep a nice clean worksheet to submit when the IRS denies it anyway. I've had to submit my worksheet for 3 separate clients as a response to the CP200.  You might let your client know that it's possible they will receive a notice.

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tilt53 , This feels good!
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