How to claim interest on debt consolidation to pay off a rental

[LordoftheLand]

I did a cashout refi on my primary residence to payoff a rental property, increasing my mortgage by 38%. In TT I have no mortgage interest to claim on the rental property (secured by the rental) but 38% of the interest on my primary residence mortgage is from the rental. Can this be claimed as misc interest or how do I track this as a business expense?

[DavidD66]

You would calculate the interest that is applicable to your residence, and claim that amount of Schedule A (if you itemize).  The portion that applies to your rental, you would report as a rental expense on Schedule E.  You would enter it the same way you would if you had receive a Form 1098 for it.  You can't claim it anywhere else.

[LordoftheLand]

Thank you. According to TT I've maxed out on my deductions but I think the rental portion would help. It sounds like this has to be added by editing the form directly, not through TT is that correct?

[DavidD66]

I'm not sure what you mean by saying " According to TT I've maxed out on my deductions...".  To enter the interest related to your rental, calculate the amount, and then enter the 1098 as if the amount of interest reported on it was the amount you calculated.