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New Member

If I rent out part of my home, do I enter my 1098 mortgage interest info twice? Once for the rental property and once for my own home?

 
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Employee Tax Expert

If I rent out part of my home, do I enter my 1098 mortgage interest info twice? Once for the rental property and once for my own home?

It depends on how you answer certain questions. In the rental property section under your Property Profile, indicate that you rented out part of your home.

On the page, Let Us Calculate Your Expense Deductions for You, a yes answer will allow you to enter the entire mortgage expense and TurboTax will do the math for you based on the rental % of your home. If you choose this method, then you wouldn't enter the deductible personal portion again. TurboTax would transfer the personal portion to schedule A.

A no answer, would require you to do the math and split the rental/personal portions. Enter the rental share under the rental, then navigate to the Your Home section to enter the personal share of interest.

See attachments.

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New Member

If I rent out part of my home, do I enter my 1098 mortgage interest info twice? Once for the rental property and once for my own home?

If I answer No, do I enter only the personal percentage on the 1098?
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New Member

If I rent out part of my home, do I enter my 1098 mortgage interest info twice? Once for the rental property and once for my own home?

Also, if I bought the home in 2016, do I enter all points paid under the personal section on the 098 or do I allocate a percentage in the rental section?
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Employee Tax Expert

If I rent out part of my home, do I enter my 1098 mortgage interest info twice? Once for the rental property and once for my own home?

Points and the interest is allocated to each section. Points on a rental are amortized, not deducted in one year.
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New Member

If I rent out part of my home, do I enter my 1098 mortgage interest info twice? Once for the rental property and once for my own home?

It doesn't appear that the "Let Us Calculate Your Expense Deductions for You" page pops up anymore?  Where can I enter the % of the house square footage that is rented?
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Employee Tax Expert

If I rent out part of my home, do I enter my 1098 mortgage interest info twice? Once for the rental property and once for my own home?

The page 'Let us calculate your expense deductions for You', is still there in the rental section. To enter the percentage, figure the ratio by taking the square foot of rented part of home rented/to the square foot of entire home.

Ex: rented footage is 140 square feet and total property is 1400 square feet. 140/1400 = 10%

Enter 10% in the rental use percentage box and continue to enter your expenses.

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New Member

If I rent out part of my home, do I enter my 1098 mortgage interest info twice? Once for the rental property and once for my own home?

THis page is not showing up - where is it?
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New Member

If I rent out part of my home, do I enter my 1098 mortgage interest info twice? Once for the rental property and once for my own home?

I have looked everywhere that I can think to look, and I cannot find this page either.
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New Member

If I rent out part of my home, do I enter my 1098 mortgage interest info twice? Once for the rental property and once for my own home?

I can't find it either. This seems like an important calculation. Please locate it for us.
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Level 3

If I rent out part of my home, do I enter my 1098 mortgage interest info twice? Once for the rental property and once for my own home?

I cannot find a page titled "Let us calculate your expense deductions for you" I never see a page that resembles the second screenshot in this answer even after indicating that I rent out part of my home. Do I need to manually divide the expenses and utilities? Do I enter the mortgage interest payments in the rental section and in my personal property section? These answers remain unanswered with this page missing.
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New Member

If I rent out part of my home, do I enter my 1098 mortgage interest info twice? Once for the rental property and once for my own home?

@nzifnub exactly. I never could get to a page that resembles the second screenshot even after an hour and a half on the phone with TurboTax. They just kept referring me to this same help topic. Eventually I decided to manually divide my expenses and utilities, so I hope I did that all correctly. It's hard to check because TurboTax makes calculations behind the scenes that you can't see until you pay and look at the return forms.