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Rental property. Is my intrest on Mortgage entered in both the rental property Personal income section and the deduction section for Home mortgages?

 
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Employee Tax Expert

Rental property. Is my intrest on Mortgage entered in both the rental property Personal income section and the deduction section for Home mortgages?

No, but you can allocate each portion to personal/rental section. Ex: Lived in home for 9 months and rental for 3 months. Allocate 75% of interest as a personal deduction and 25% as a rental deduction. Navigate to each section to enter their proportionate share.

When you first set-up the rental in TurboTax, there is a question regarding whether the property was used for personal use under the Property Profile section. See attachment

To get started with Schedule E:

  • In your open return, select My Account
  • Tools
  • Topic Search
  • Type 'schedule e' in the box, then select GO
**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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Highlighted
Employee Tax Expert

Rental property. Is my intrest on Mortgage entered in both the rental property Personal income section and the deduction section for Home mortgages?

No, but you can allocate each portion to personal/rental section. Ex: Lived in home for 9 months and rental for 3 months. Allocate 75% of interest as a personal deduction and 25% as a rental deduction. Navigate to each section to enter their proportionate share.

When you first set-up the rental in TurboTax, there is a question regarding whether the property was used for personal use under the Property Profile section. See attachment

To get started with Schedule E:

  • In your open return, select My Account
  • Tools
  • Topic Search
  • Type 'schedule e' in the box, then select GO
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post