We purchased a property in June of 2023 to rent to our son at less than Fair Market Value. I was able to get the income onto Sch 1, Line 8j. The 1098 for this property was entered as a second home. The interest exceeds the income. I know I can’t change the amount of interest or delete the taxes from the 1098 section, as it will not match the 1098 that was sent to the IRS. How do I lower the amount of interest and delete the taxes in Turbotax so the deductions for the property do not exceed the income. How do I trigger Turbotax to ask me about this next year? Do I mark the property in some way so Turbotax automatically does the calculation if in the future the interest and taxes on that property exceed the income?
