I rent out 33% of my house. I enter total mort int & taxes in business rental & let TT calc based on %. What do I enter in personal deductions for mort int & taxes?

kimwierenga · ‎June 4, 2019

If I enter the full amount shown on my 1098, TT appears to come up with a deduction that exceeds my mort int & taxes paid for the house. I live in the house & rent the basement.

PatriciaV · ‎June 4, 2019

When you enter your homeowner deductions under Rental Properties, TurboTax will allocate those amounts to both the rental property and to your personal deductions.

Under Deductions & Credits, you should see an amount beside Mortgage Interest and Real Estate Taxes. This would be the portion that is left after taking out the rental expense. You should not make any additional entries for these two deductions for your primary residence.

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View solution in original post

PatriciaV · ‎June 4, 2019

When you enter your homeowner deductions under Rental Properties, TurboTax will allocate those amounts to both the rental property and to your personal deductions.

Under Deductions & Credits, you should see an amount beside Mortgage Interest and Real Estate Taxes. This would be the portion that is left after taking out the rental expense. You should not make any additional entries for these two deductions for your primary residence.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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I rent out 33% of my house. I enter total mort int & taxes in business rental & let TT calc based on %. What do I enter in personal deductions for mort int & taxes?