It sounds like you are asking about entering your mortgage interest for your primary home which is currently being used as a rental property. The disclaimer is correct. Instead of entering mortgage interest and property taxes in the section of TurboTax so that those amounts will be deducted on Schedule A, you will enter them as part of Schedule E Rental Income and Expenses. By doing so, they are deducted from the rental income you received for your home.
If you lived in the home for part of the year, then the mortgage interest and property taxes would be prorated and partially deducted on both Schedule A and Schedule E. However, the data would still be entered in the Schedule E section.
Use the following steps to go to the Rental Income and Expenses section of your return:
- On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)
- This opens a box where you can type in “rental income and expenses” (be sure to enter exactly as shown here) and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
- The search results will give you an option to “Jump to rental income and expenses”
- Click on the blue “Jump to rental income and expenses” link and enter your information
Also, take a look at the following TurboTax article to learn more:
What kinds of rental property expenses can I deduct?
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
