mortgage note interested income tax too high？
Sold my rental house owner financing last year. This year’s mortgage note interested income is $4312. After put it in turbo tax. 700was charged for federal and state tax together. Does that sound right? I feel like that is toooo high. It is like putting my 5.5% mortgage note to only 4.4%....
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@Lijuan Wei
You can file adjusted returns for the past three years as I recall...