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Investors & landlords
Thanks. I was able to get through the rental income/expense and indicated that the property was rented for the entire year. For expenses I prorated tax, mortgage interest and insurance for 2 months (Nov/Dec 2022).
In the Deductions & Credit section, now I am entering Mortgage Interest and Refinancing (Form 1098).
House 1) For my primary home from Jan-Oct 2022, I prorated mortgage interest for 10 months. For the question "What kind of property is this loan for?" I entered primary home
House 2) For the home I lived in Nov/Dec 2022, I entered the mortgage interest from my 1098. For the question "What kind of property is this loan for?" I entered primary home
Something weird is happening ... When I look at Schedule A that is generated, I see a very small amount in the mortgage interest deduction, close to what I paid for House 2.
So I deleted the information about House 2 in turbotax. Now it is picking up the amount from House 1, but then that amount is smaller than the mortgage interest deduction that I received in 2021 when I lived in House 1 for the entire time. Ideally I should be able to get a deduction for prorated interest I paid for House 1 when I was living in it and House 2. I cannot figure out how to make that happen.