1098 Mortgage Interest and Rental Unit

Forum|Forum|3 years ago
February 19, 2023
6 replies
36 views

I have a duplex where I live in one unit and rent the other. I just enter the total amount of everything and let Turbo Tax do the 50% Math. However, I have a questions. When I enter my mortgage interest and taxes in the Rental Income section I see the amount that it says will be deducted for my personal portion.

However my question is this ... later on in Turbo Tax when I get to the deductions portion it ask me to enter the values from Box 1 of my 1098 ---- do I only enter 1/2 the value here -- even though that entering 1/2 the value will not agree with Box 1 of my 1098.

Any clarification would be appreciated. Thank you.

I remember in past Turbo Tax versions it gave better guidance on this.

PattiF

Alumni - Intuit

For a Multi-Unit property such as the duplex that you are reporting, it is recommended that you let TurboTax do the math for some entries.

Enter the entire amount of the mortgage interest and real estate taxes for the rental. TurboTax will prorate mortgage interest and property taxes and carry the other amount to Schedule A for your personal use as part of the property.
TurboTax can prorate some other expenses such as repairs and utilities that affect the whole building.

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Once a year AccountantAuthor

Level 3

So does that mean when I do my personal section when it ask "did you receive a Form 1098" do I just say "No" . Only asking because it the rental section it is silent on anything about form 1098 ?

KrisD15

Level 15

Yes,

say No.

The program does ask on the Personal section to "remind" people, but in your case answer "No" and enter it on the Rental screens where the program will list the rental portion as an expense on Schedule E and post the remaining amount to be used on Schedule A if you itemize.

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