- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Investors & landlords
To be clear, I rented a room (10% of sq ft) in my house for 95 days in 2019. So when you say "enter the information only on the Schedule E screen and TurboTax will allocate the amounts between rental expenses and Schedule A."
This mean enter 100% of interest and taxes in the "Rental Properties and Royalties" section which is for Schedule E, right? (The screen says "since we are allocating, be sure to enter 100% of your expenses in these fields"). When I do that, 90% of expenses are allocated to Schedule A and 10% are on Schedule E.
So far so good?
So when I get to the "Let's get the details from your Mortgage 1098" screen in the Deductions & Credits section do I enter only the balance of my mortgage interest and taxes and check the box that says " The interest amount I entered is different than what's on my 1098". This seems the only way to get the numbers on Schedule A to add up to what I actually paid as is stated on my 1098.
Because if I enter the totals directly from my 1098 on this screen Schedule A is over inflated.
Thanks!