Turbo Tax states to select Qualified Interest if the property is your Primary Home or Vacation home. The home is no longer my Primary Home, but was for a portion of the year. Does this make it qualified interest?
I did enter the information for how long it was a rental and how long it was a primary home and Turbo Tax says it will automatically prorate.
It is qualified interest for the mortgage interest deduction and the rental activity. And TurboTax will do the calculations and carry the deductions to both the rental and the itemized deductions as long as you entered the information only the rental activity. This eliminates doubling it by mistake.
It is qualified interest for the mortgage interest deduction and the rental activity. And TurboTax will do the calculations and carry the deductions to both the rental and the itemized deductions as long as you entered the information only the rental activity. This eliminates doubling it by mistake.
I followed your instructions, but the amount isn't appearing in the Expenses Summary Details under Qualified Mortgage Insurance??!!?
@derosrd The answers to the questions in the rental section might be the factor. You can divide the expense yourself and enter the correct portion in each section. Check your forms to view both the Schedule E and Schedule A.