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Anonymous
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I entered a 1098 for a rental property in deductions and credits. I'm later asked about this information again in "Income from Rentals". Am I double dipping?

 
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6 Replies
MichaelMc
New Member

I entered a 1098 for a rental property in deductions and credits. I'm later asked about this information again in "Income from Rentals". Am I double dipping?

Yes, you don't want to do that.

Please return to the Deductions and Credits section and delete the mortgage interest (and real estate tax, if included) from the Form 1098 for your rental property. You only want to include in that section the mortgage on your primary residence and other owner-occupied properties. 

The Form 1098 for your rental property should only be included in the Rental Property section.

PV1
New Member

I entered a 1098 for a rental property in deductions and credits. I'm later asked about this information again in "Income from Rentals". Am I double dipping?

I too have same question but we rented only for last 4 months in 2017. Still do I have to enter entire Mortgage Interest of year in Rental Property section?
maglib
Level 11

I entered a 1098 for a rental property in deductions and credits. I'm later asked about this information again in "Income from Rentals". Am I double dipping?

You only enter the portion that is attributable to personal use...
**I don't work for TT. Just trying to help. All the best.
***Say "Thanks" by clicking the thumb icon in a post and that I solved your question
**Mark the post that answers your question by clicking on "Mark as Best Answer"
I am NOT an expert and you should confirm with a tax expert.
PV1
New Member

I entered a 1098 for a rental property in deductions and credits. I'm later asked about this information again in "Income from Rentals". Am I double dipping?

Thank you. So I have to enter 4months mortgage interest in Rental Property section and 8 months mortgage interest in Federal Deduction > Form 1098 section right?
maglib
Level 11

I entered a 1098 for a rental property in deductions and credits. I'm later asked about this information again in "Income from Rentals". Am I double dipping?

yes, but be sure that the program isn't set when you entered in rental section to report the portion for you personally, It's a question in the rental interview.  Make sure to confirm it's only in there 1x. The same with the mortgage interest expense.
**I don't work for TT. Just trying to help. All the best.
***Say "Thanks" by clicking the thumb icon in a post and that I solved your question
**Mark the post that answers your question by clicking on "Mark as Best Answer"
I am NOT an expert and you should confirm with a tax expert.
PV1
New Member

I entered a 1098 for a rental property in deductions and credits. I'm later asked about this information again in "Income from Rentals". Am I double dipping?

Thank you so much @maglib
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