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Investors & landlords
@Carl Firstly, the reason I didn't do it in oreder was because I didn't have my 1098 yet, but wanted to stat working on my taxes. If TT doesn't work out of order , it should warn you. It never even caught the mistake while reviewing my return. Pretty pathetic and not confidence inspiring in the least.
I have now deleted my 1098 in the deductions section and gone back to the income/rental section.
"If while working through the rental section you elect to have the program do the splits for you, then it will for "most" things but not all. It "will" split the mortgage interest if you elect that option, and then enter the 1098 exactly as printed."
When going through the rental section, it does not give me an option to enter an actual 1098, it just asks for some of the info from the - real estate tax and mortgage interest. Can I add PMI to the "insurance" total? Why doesn't TT ask for any PMI here?? This area of TT is so bad it's not even funny.
"the small print on one of the screens (dealing with mortgage interest) will tell you something along the lines of "we already have $xxx for mortgage interest" and the amount shown will be what is *NOT* allocated to the rental portion."
When I move to the Deductions section, it shows the correct (split) amounts for Mortgage Interest and Property Taxes. But when I go into edit/add under Mortgage Interest to put in my bank's name, it asks me to fill in boxes as they appear on my 1098. Nothing about already having mortgage interest and there are absolutely no numbers populated. All blanks asking what's on my 1098.
If I skip entering any 1098 info (doesn't seem right) it flags the fact that I haven't answered questions for amount qualifying mortgage interest. Probably because I didn't enter box 2 of the 1098 anywhere.