Under 'Deductions and Credits' I'm entering 1098 amounts for my 2-family house where I rent one unit and reside in the other. I understand that I should divide the amounts for interest and taxes paid, but what about the outstanding principle? Should I enter the full amount shown on the 1098 or just a portion of it?
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It wouldn't hurt to split it.
Since part of the loan is for the rental, that portion of the loan is not limited by the balance limitation for home mortgage interest.
It wouldn't hurt to split it.
Since part of the loan is for the rental, that portion of the loan is not limited by the balance limitation for home mortgage interest.
I made this change in Turbo Tax (decreased the outstanding mortgage principal) and my federal refund amount increased by a significant amount. Why would that be?
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