Your Mortgage interest should appear as 50% on Schedule A itemized deductions and 50% on Schedule E rental property.
Now, when you enter the entire amount of your mortgage as an itemized deduction it does not automatically carry the 50% to the Rental Schedule nor does it reduce the amount to 50%. However, when you properly show the percentage in the rental schedule, if you show the full amount the schedule should only apply the 50% as a deduction for Schedule E plus carry the other half to Schedule A.
If you need to correct prior years you can amend using TurboTax. Some TurboTax customers and access to up to the prior seven years of tax returns we have on file for you is available through 12/31/2024. You typically must file an amended return within three years from the original filing deadline, or within two years of paying the tax due for that year, if that date is later.
If you are amending more than one tax return, prepare a Form 1040X for each year's return. Sign and mail them to the IRS in separate envelopes. You will find the appropriate IRS address to mail your return to in the Form 1040X instructions.
Amending Returns Using TurboTax
Note: You can amend using TurboTax for each original return prepared using TurboTax for Free.
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