Hi all, I have a quick question regarding my primary residence and deducting points paid on my mortgage
I purchased my primary residence earlier this year and converted 1 of 3 bedrooms (<10% of my home) into a rental. I entered all of my information into the Turbo Tax Home and Business software and was able to have it correctly calculate the deduction for mortgage interest but it doesn't seem to automatically give me the mortgage point deduction.
My question is, am I able to take this deduction (say 90% of the points paid if I rent out 10% of my residence) or does the IRS not allow it? If it is possible, will I need to manually calculate and enter the values into TurboTax or is there a screen that I will need to locate? Thank you.
