Own a rental, where do I enter mortgage interest?

Forum|Forum|6 years ago
February 9, 2020
1 reply
6 views

So under Deductions and Credits, I entered My Mortgage info and Interest under 'Your Home' for both my primary home and rental townhome.

Am I suppose to enter the interest also under 'Wage & Income' > 'Rental Properties and Royalties' too? There's a section under 'Expenses' > Report Mortgage Interest. It says 'Interest Paid', but on my 1098 it says Interest Received. Is that the same thing?

Thanks.

MaryK4

Level 15

For your rental property, you do not enter the 1098 under the Deductions & Credits. It should be entered under the Expenses- Report Mortgage Interest. On the 1098, Interest Received is meant for the Lender who fills out the form. For you it is interest paid.

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AdamZAuthor

Level 2

Hi,

Just so I'm clear: So under 'Deductions & Credits > Your Home > Mortgage Interest, Refinancing, and Insurance' I should only enter my mortgage of the home I live in.

Then under 'Wages & Income > Rental Properties and Royalties > Rental and Royalty Summary (Edit) > Expenses > Report Mortgage Interest' is where I only add my rental property, correct?

Thanks for your help!

ColeenD3

Level 15

You are correct. Deductions and Credits is for your personal home.

To your other question, yes, it is the same. The interest you pay and include on your rental expense is the interest received by the mortgage company.