TT says it calculates the division of mrtg interest and prprty taxes between sched E & A, but when I reviewed my return before filing it had not been divided. now what?

Forum|Forum|7 years ago
June 1, 2019
1 reply
4 views

I converted a personal property to rental. When entering in TT the instruction said to enter total amount from 1098 in Sch E and it will calculate the proper amount as expense and will include the remainder in Sch A, but when I reviewed the schedules prior to filing, the total remained in Sch E - now I'm confused on how to enter this information in TT...?

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TaxGuyBill

Level 13

When you convert a 100% personal-use property to 100% rental, you need to manually prorate the expenses.

So only enter the rental portion in the rental section, then only enter the personal portion for Schedule A.

laineyqAuthor

Level 2

I appreciate the response, TaxGuyBill. This clarifies what I thought needed to be done, however, I still don't understand clearly how to enter this information in the TT system - the system is explicit that it wants you to enter the specific information from the 1098 and in some responses it says TT will calculate the appropriate expenses in Sch E and then add the remainder to Sch A but it didn't....to add it manually means you would add information NOT correlating with the 1098 reported