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Converted property from rental to personal in 2019. Where do I report mortgage interest for 2020?

I used to rent out a room in my condo (not my main residence) and reported income on Schedule E. In 2019, I converted the property from rental to all personal use. On 2019 TurboTax Schedule E, I checked the box that said, "I converted this property from rental to personal use in 2019." But now in 2020 TurboTax, the Schedule E is still there, assuming the property is a rental. But when I follow the prompts, TurboTax says I should "delete it as a rental," which I assume means just delete the Schedule E. But now, where and how do I report my mortgage interest for this property? This property is not my main residence. I use it as a second home.

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1 Best answer

Accepted Solutions
AnnetteB6
Employee Tax Expert

Converted property from rental to personal in 2019. Where do I report mortgage interest for 2020?

You can deduct home mortgage interest for a second home and your main home as part of Schedule A, Itemized Deductions.  

 

Use the following steps to go to that section:

  • On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)
  • This opens a box where you can type in “mortgage interest” and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
  • The search results will give you an option to “Jump to mortgage interest
  • Click on the blue “Jump to mortgage interest” link
**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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1 Reply
AnnetteB6
Employee Tax Expert

Converted property from rental to personal in 2019. Where do I report mortgage interest for 2020?

You can deduct home mortgage interest for a second home and your main home as part of Schedule A, Itemized Deductions.  

 

Use the following steps to go to that section:

  • On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)
  • This opens a box where you can type in “mortgage interest” and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
  • The search results will give you an option to “Jump to mortgage interest
  • Click on the blue “Jump to mortgage interest” link
**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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