Using the hypothetical example (total mortgage interest is $12,000 and the home was only available for rent for 5 months)
For rental mortgage interest (Schedule E), in "Report Mortgage Interest" section in online Turbo Tax, should I enter the mortgage interest number ($12,000) in Form 1098 AS-IS and assume Turbo tax will divide it automatically ? The reason I am thinking this is because you said: "TurboTax will automatically allocate any portion of the mortgage interest not available for use under the rental section"
Or, should I divide it myself ($5000 + $7000 = $ 12000) and enter $5000 in the rental mortgage interest (not the original amount listed in Form 1098) ?
Similarly, when reporting the "home" mortgage interest under "Deduction and Credit", it asks me to put the detail of 1098 form. Here, should I put the original number ? or $7000 ?
Regarding property tax for home, there are two text fields, there are two fields
"Property tax on your main home"
"Additional home or Land"
I had two separate homes in 2016. I lived in house1 for 5 months. Then I rented it for the rest of year. Also, I bought house2 and lived there for last 7 months of the year. In this situation, how should I fill out this two fields ? Should I add full property tax for house2 and 70% property tax of house 1 and put that number in ""Property tax on your main home" ? Or, should I assume house2 to be main home and house1 to be "Additional home". Both were main homes at different times of the year.
