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dalyatadams
New Member

I entered my mortgage interest for my rental property under income, do i enter it again under deductions?

In Wages and Income, I entered my rental property and provided my mortgage interest. Do I reenter this mortgage interest, insurance and property tax in the deductions section?
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TomD8
Level 15

I entered my mortgage interest for my rental property under income, do i enter it again under deductions?

No.  Mortgage interest, property tax, and insurance on a rental property must be entered as rental expenses on Schedule E.  Do not enter them as itemized deductions on Schedule A.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

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3 Replies
TomD8
Level 15

I entered my mortgage interest for my rental property under income, do i enter it again under deductions?

No.  Mortgage interest, property tax, and insurance on a rental property must be entered as rental expenses on Schedule E.  Do not enter them as itemized deductions on Schedule A.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.
lauizm
New Member

I entered my mortgage interest for my rental property under income, do i enter it again under deductions?

What if you moved back into your rental property and started using it as your primary residence? Wouldn't you be able to deduct the mortgage interest for the portion of time that you used it as a primary residence on Itemized Deductions (Schedule A)? If so, would I re-enter the mortgage interest from the 1098 again into the Itemized Deductions section or do I assume that Turbo Tax is automatically doing that?
TomD8
Level 15

I entered my mortgage interest for my rental property under income, do i enter it again under deductions?

If a property is used both as a personal residence and as a rental during the tax year, you must pro-rate the expenses accordingly.  Only the portion attributable to the rental period goes to Schedule E.  Note that hazard insurance premiums are deductible for a rental, but not for your personal residence.
**Answers are correct to the best of my ability but do not constitute tax or legal advice.
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