I have a primary residence which I am renting a portion of. I have broken it into 2 different properties (besides it being my primary residence). So one portion is 30% of main house rented . Another portion is 25% of main house rented (back unit). Why did i separate them out? Don't ask. hah. But basically a CPA had done this for me in the past and i decided to just do the same. The problem is that when i deduct my Mortgage interest and Property tax from the rental properties (30% and 25% of my primary residence) along with deducting those from my main house, i get a huge number for both. Can't figure out the calculation on how it got the number. Basically my total mortgage interest is $26K and the total mortgage deducted came out to over $30k!! I feel this may be a bug when I let turbotax do the calculation for me (where i input the total mortgage interest for each property). The same happens with property taxes.
I input $26K for all and let TT do the calculations. So they would be divided like the following (but they aren't once i get to the deductions portion, where it shows more than $30k):
A - $26k * .3 (TT does calculations)
B - $26k * .25 (TT does calculations)
C - Primary residence: remaining, where I did my own calculation by multiplying $26k * .45
I tried to test this in Deluxe CD / download version
I can't see how TT would know that these 2 properties are tied together so that .35+.2+.45 = 100%
it works fine if there is only 1 property rented as part of the primary residence.
suggest date entering manually which is an option