Tax time, Careful on primary mortgage deduction (review 1098 form)

Until last year, lenders report 1098 with total mortgage amount with blank outstanding mortgage amount. Some people, my friends, used to blindly take deduction no matter whether it is 1.1M or more.

This year onwards, all lender is reporting outstanding amount and the loan start date too.

Pro-rata rule is mandatory as everything reported to IRS now.

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