Yes. You will allocated the deductible home expenses (mortgage interest, mortgage insurance, property taxes) between the rental days and the days you used the home as your personal residence.
For example, if you rented the house for 6 months and lived in it for 6 months and the mortgage interest on your 1098 was $6,000, then you would allocate half ($3,000) to your rental expenses (Schedule E) and the other half ($3,000) to your personal itemized deductions (Schedule A).
To enter your rental portion of mortgage interest in TurboTax Online (for TurboTax Online sign-in, click Here , then select
"Take Me to My Return") or
Desktop, please follow these steps:
- Once
you are in your tax return, click on the “Federal Taxes” tab ("Business"
tab in TurboTax Home & Business)
- Next click on “Wages &
Income”
("Business Income and Expense" in TurboTax Home &
Business)
- Next click on “I’ll choose
what I work on” (jump to full list)
- Scroll down the screen until
to come to the section “Rental Properties and Royalties”
- Choose “Rental
Properties and Royalties” and select “start’ (or “update” is you have already
worked on this section)
Enter
your rental property information through the TurboTax guided questions (or edit
your rental property if it is already entered) until you come to a screen that
is titled, Your "rental property name" rental summary.
Select
to edit your rental expenses>I'll choose what I work on> click through
several screen until you get to one titled "Report Mortgage Interest"
To enter your personal use portion of your Mortgage Interest in TurboTax Online (for TurboTax Online sign-in, click Here , then select "Take Me to My Return") or Desktop, please follow these steps:
- Once you are in your tax
return, click on the “Federal Taxes” tab ("Personal" tab in
TurboTax Home & Business)
- Next click on “Deductions and
credits”
- Next click on "jump to
full list" or “I’ll choose what I work on”
- Scroll down the screen until
to come to the section “Your Home”
- Choose "show more",
then Mortgage Interest, Refinancing and Insurance and follow the onscreen
instructions.
