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Deductions & credits
Thanks @LeonardS .
To clarify, I have split the converted rental property interest among Schedule A and E already, but because I had 2 primary home's during the year, and the converted rental property mortgage was not paid off, the TT software is adding the outstanding balances $410k+$700k=$1,100k and then saying that I can only deduct $750k/$1,100k=~68% of the mortgage interest I have paid.
I confirmed that entering $0 as an outstanding mortgage balance for the converted property no longer triggers this calculation. Is this the correct way to workaround the problem in TT?
March 7, 2022
3:52 PM