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I have a 1098 for a line of credit that we took out on our rental house. Where to put it? Since it's a LOC does it go with regular mortgage or under the rental section?

 
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KrisD
Intuit Alumni

I have a 1098 for a line of credit that we took out on our rental house. Where to put it? Since it's a LOC does it go with regular mortgage or under the rental section?

If the line of credit was taken against the rental, it would need to be reported as a rental expense.

Home mortgage (regular mortgage) must be on your main home or second home.

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1 Reply
KrisD
Intuit Alumni

I have a 1098 for a line of credit that we took out on our rental house. Where to put it? Since it's a LOC does it go with regular mortgage or under the rental section?

If the line of credit was taken against the rental, it would need to be reported as a rental expense.

Home mortgage (regular mortgage) must be on your main home or second home.

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