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I'm trying to enter rental property expenses. When I click to enter Mortgage Insurance, it takes me to the Mortgage Interest screen. Is there a bug in the system?
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I'm trying to enter rental property expenses. When I click to enter Mortgage Insurance, it takes me to the Mortgage Interest screen. Is there a bug in the system?
This is correct.
The IRS says that you can treat amounts you paid for qualified mortgage insurance as home mortgage interest. The insurance must be in connection with home acquisition debt, and the insurance contract must have been issued after 2006.
Therefore, you can include mortgage insurance in your mortgage interest when reporting rental expenses.
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I'm trying to enter rental property expenses. When I click to enter Mortgage Insurance, it takes me to the Mortgage Interest screen. Is there a bug in the system?
I'm having the same issue. This seems like a programming bug, because when I click on mortgage insurance it opens the mortgage interest section, which I have already filled in. It still has the start button next to mortgage interest, as if I've never clicked it.
Are you saying that we should combine mortgage interest and mortgage insurance (PMI) totals in the mortgage interest category?
Thanks!
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I'm trying to enter rental property expenses. When I click to enter Mortgage Insurance, it takes me to the Mortgage Interest screen. Is there a bug in the system?
Yes. Mortgage insurance premiums or MIP is considered mortgage interest and is combined in the mortgage interest field for both personal deductions on Schedule A and Schedule E rentals.