Does Turbo Tax automatically calculate the interest and insurance that was paid by the tenant? I rented my home for 1/2 the year and then moved back into it.

[PaulaM · Accepted solution]

It depends on how you answer certain questions. In the rental property section under your Property Profile, indicate that you rented out part of your home.

On the page, Let Us Calculate Your Expense Deductions for You, a yes answer will allow you to enter the entire mortgage expense and TurboTax will do the math for you based on the rental % of your home. If you choose this method, then you would not enter the deductible personal portion again. TurboTax would transfer the personal portion to schedule A.

A no answer, would require you to do the math and split the rental/personal portions. Enter the rental share under the rental, then navigate to the Your Home section to enter the personal share of interest.

Note: Insurance would not be deductible for the personal share.