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Level 2
March 21, 2023

Form 8396 Mortgage Interest Credit limit

  • March 21, 2023
  • 1 reply
  • 9 views

I believe Mortgage Interest Credit is limit to $2,000. However, when mortgage interest is $10,900, I input interest paid amount and credit rate of 20%, Lacerte shows credit amount $2,180. I tried to override the credit to $2,000, form 8396 didn't come up. Please advise. 

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    1 reply

    taxshack
    Level 6
    April 1, 2023

    The $2000 limit applies to certificates with rates over 20%.

    Preparing taxes is not my life, but my life is amazing because I prepare taxes.