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Double-counting mortgage interest for my primary residence with a basement tenant

Turbotax appears to be double-counting the real estate taxes and mortgage interest I paid on my property this year. I both use the property as my primary residence and rent out part of the property (basement). I indicated when filling out the rental income and deductions portion that the house is used for personal and rental use. Is there a way to correct this so my tax filing isn't incorrect? 

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1 Best answer

Accepted Solutions
AmyC
Employee Tax Expert

Double-counting mortgage interest for my primary residence with a basement tenant

Yes. There are two options, either way you must know the percentage for the basement.  For my example, I will use 25% rental.

  • You do the math:  Enter your %, example 75% of the mortgage interest and property taxes under deductions and credits. Enter the other 25% on sch E for the rental.
  • Let the program do the math: Delete all numbers from deductions and credits. Return to Sch E to the property profile. Select that you rent part of your home, enter the percentage and select for the program to do the math. It will the correct amounts on Sch E and pull the rest to Sch A.

 

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1 Reply
AmyC
Employee Tax Expert

Double-counting mortgage interest for my primary residence with a basement tenant

Yes. There are two options, either way you must know the percentage for the basement.  For my example, I will use 25% rental.

  • You do the math:  Enter your %, example 75% of the mortgage interest and property taxes under deductions and credits. Enter the other 25% on sch E for the rental.
  • Let the program do the math: Delete all numbers from deductions and credits. Return to Sch E to the property profile. Select that you rent part of your home, enter the percentage and select for the program to do the math. It will the correct amounts on Sch E and pull the rest to Sch A.

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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