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Renting of room in home, Schedule E prorated mortgage interest by percentage I gave it (8%), but return seemed to count 100% plus 92% on whole return. How can I fix?
As instructed, put in entire mortgage interest amount and Schedule E properly populated with only 8%. However, entire return shows a mortgage interest amount not quite twice the actual figure. i cannot get it to fix.
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posted
April 29, 2023
6:41 PM
last updated
April 29, 2023
6:41 PM
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Renting of room in home, Schedule E prorated mortgage interest by percentage I gave it (8%), but return seemed to count 100% plus 92% on whole return. How can I fix?
Most likely, you entered the mortgage interest twice. Once in the SCH E section where the program automatically prorates it for you between SCH E and SCH A. Then you entered it a second time in the Deductions and credits section where it asks for mortgage interest. If you'll read the small print on that page, it should tell you that it already has the prorated amount from where you entered it on the SCH E, and that you don't need to enter it again.
So check the Mortgage Interest section under the Deductions and Credits tab. If you entered it there, then delete what you entered.
April 30, 2023
7:51 AM
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