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Deductions & credits
Well the problem is because it converted to rental in 2018 it has to be entered in "Income"section where i chose days rented at fair price as 58 days and Personal use as 307, so when i go to forms mode and open Schedule E there is a section called Schedule A Smart Worksheet where my qualified mortgage interest from the rental property is 11k and Real estate taxes is 6.5k(it says reported on Schedule A)
Now when i go back to Step by Step instructions and go to Deductions and look at the "mortgage interest" deduction it shows 15k and when i click update it only has 1 lender, i dont think i should enter the second lender again because i will end up taking the deduction on mortgage interest for my rental property the second time and that 15k will become 15k + 13k(includes full year without breakdown of rental vs residential).
I am unable to take screenshots and send it to you but will be glad to hop on a call or so?
thanks
Vikas
Now when i go back to Step by Step instructions and go to Deductions and look at the "mortgage interest" deduction it shows 15k and when i click update it only has 1 lender, i dont think i should enter the second lender again because i will end up taking the deduction on mortgage interest for my rental property the second time and that 15k will become 15k + 13k(includes full year without breakdown of rental vs residential).
I am unable to take screenshots and send it to you but will be glad to hop on a call or so?
thanks
Vikas
‎June 1, 2019
8:21 AM