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???