Hello, I lived in my primary property for 5 months and then I rented it out for 7 months during 2023; looking through numerous posts I was able to figure out that I need to enter the mortgage lender twice as follows:
- [Lender Name] - January to May
- [Lender Name] - June to December
And I need to calculate the amount of property taxes and mortgage interest corresponding to each period.
But I couldn't find any information regarding the Outstanding Mortgage Principal; if I enter the full amount on both then Turbo Tax assumes I have twice as much outstanding mortgage. Is the Outstanding Mortgage also supposed to be adjusted depending on the period of time for each entry? E.g. if the outstanding mortgage was $600,000, do I enter an outstanding mortgage of $250,000 for January-May, and $350,000 for June-December?
