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Should I put 80% of my mortgage interest in rentals and 20% in deductions if renting a primary residence? Or all in rentals? Or all in deduction?

 
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Anita01
New Member

Should I put 80% of my mortgage interest in rentals and 20% in deductions if renting a primary residence? Or all in rentals? Or all in deduction?

If you rented the property, not all the  interest would be in Deductions and credits.  If you rented all the property, then all the interest would go in rentals.  If you rented part of the property, allocate between the two depending on the square footage rented vs total for the house.  Be careful not to enter the same interest in both places.

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1 Reply
Anita01
New Member

Should I put 80% of my mortgage interest in rentals and 20% in deductions if renting a primary residence? Or all in rentals? Or all in deduction?

If you rented the property, not all the  interest would be in Deductions and credits.  If you rented all the property, then all the interest would go in rentals.  If you rented part of the property, allocate between the two depending on the square footage rented vs total for the house.  Be careful not to enter the same interest in both places.

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