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I own a rental home and refinanced the mortgage this year. I hit continue before entering all the fees/expenses. I can't seem to navigate back to that section now?

 
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KathrynG3
Expert Alumni

I own a rental home and refinanced the mortgage this year. I hit continue before entering all the fees/expenses. I can't seem to navigate back to that section now?

To adjust the fees/expenses for your rental home:

  • Enter rental property in the search box.
  • Select the Jump to link in the search results.

This will take you to Your 2020 rentals and royalties summary. Depending how much has been entered, you may be routed through recording income, etc.

  • Follow through the prompts and until eventually seeing What expenses and assets did you have? 
  • The Mortgage Interest box should have already been selected since you were working on the refinanced mortgage.

It will be listed in the EXPENSES/ASSETS(DEPRECIATION) section as Mortgage interest.

  • Select Edit, review the interest entered and select Done.
  • The next screen will be Did you refinance? and when you answer this yes and Continue, the loan details can be entered.

For more information, see: What can I deduct when refinancing rental property?

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