I own my home and live here, and rent out about 35% of the square footage to housemates.
Problem is, when I try to put this into TurboTax, it double-credits me for my mortgage interest and real estate tax.
Here's what I did:
- In the Wages & Income tab, I followed TurboTax prompts to input income and expenses (including mortgage interest and real estate taxes) for the rooms I rent out, and it calculated the Schedule E deductions correctly. In this section, I also checked the box that says that I'm renting out rooms in my own residence.
- Then I moved on to the Deductions tab. There, I followed TurboTax prompts to input my 1098, which shows the total mortgage interest and real estate tax for my entire property, including the rooms I rent out.
- Now TurboTax is calculating my deduction as the personal portion of my Schedule E PLUS the entirety of my 1098. This means it's calculating my mortgage interest and real estate tax deductions as 65% higher than they should be.
I have tried just leaving out the 1098 and that fixes the numbers, but TurboTax forces me to enter the 1098 when I get to the "review" stage, which then creates the error again.
How am I supposed to make sure that the Schedule E deduction and the personal deduction add up to the total shown on my 1098?
posted
last updated
June 03, 2019
4:39 PM