Question
Excess mortgage interest average balance calculations
I apologize if this is answered somewhere but I did not find it anywhere. Have a client who had a home acquisition mortgage loan of 1.9 million. They then refinanced it two times. I must be doing the entries wrong into the software as it is only allowing $14k in mortgage interest rather than the $43k that I am calculating. They paid over $110k in mortgage interest. It is all coming down to the average balance calculations and what Lacerte is calculating as the average is the addition of all 3 loans to total over $5 million. Any help would be greatly appreciated. I believe that I am just not entering the information correctly and that is the problem.
Ben
