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Deductions & credits
Enter the mortgage interest for the new principal residence in the Mortgage Interest section of Deductions and Credits and identify it as your primary home.
For your previous home that was converted to a rental during the year, go to the Rental section under Investments, Rental Properties and Royalties and answer all of the questions about when you purchased the home, the cost, and the date it was converted to a rental.
You can determine the percentage of the mortgage interest that is applicable to the time the old property was your primary residence, and enter that in the Mortgage Interest section of Deductions and Credits. Enter the percentage of the mortgage interest that is applicable to the time the property was a rental in the Rental section.
Depending on how you answer the questions in the Rental section, TurboTax could allocate the expenses for you. Be sure that the expenses aren't duplicated.
You can also allocate your property taxes for the new property between Schedule A and Schedule E.
Please see this TurboTax tips article for more information on rental properties.
Please see this article and this one for more information on home mortgages from TurboTax.
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