ran2-chen
New Member

For a detached rental on my residential property, where should I enter 1098 mortgage interest - as rental property expense or deduction? Does TT auto allocate?

The rental (a guest house above my garage) is 10% of my home's square footage and was rented out for 45 days this year via airbnb, but I assume I should select single family home that I rent a part of as opposed to short term rental / vacation home. TT asks for total from 1098 in the rental expense section, but I don't see anywhere for me to enter square footage and wonder if I missed something because I'm asked to put the mortgage interest in the deductions section too (double dipping?)  When I enter full mortgage interest, real estate taxes, insurance premiums, and repairs into the rental section, the total costs add up to 20k  for a rental that only brought in 2.5k in 45 days. Should TT be aut-allocating to reflect the proper proportion of business expenses to personal deductions?