TurboTax Premiere is doubling mortgage interest deduction for our Rental with 100% Rental Use for the Year.
Others who report having this problem were dealing with a property that was part personal use and part rental, timewise. That is not my situation. The property was rented for the entire year. So this issue does not involve a split between a deduction and a Schedule E expense. And it is only the mortgage interest that has this problem, not the property taxes or insurance, as others have reported. I do not know how to fix this. I thought I might have inadvertently entered the amount twice, but have reviewed manual input several times and find only one place where the mortgage interest amount is input. Is this a flaw in the software? The amount is doubled at the end of the "Rents and Royalties" portion where I am comparing 2022 income and expenses with 2023 (so it's quite obvious!). Will it also be doubled in the return? Or it this a flaw in this one report? I have not generated the return yet, so I don't know... Need help!
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I may have several questions, as it depends on how you answer the below.
Was the property placed "in service" in 2022? If so, on what date in 2022 was it placed in service?
Was the property 100% business use in 2022? If not, why not?
Thank you for your reply. In answer to your questions:
No, the property was not placed "in service" it 2022; it was placed in service many years ago.
Yes, the property was 100% business use in 2022 (and for numerous years before that).
You need to check your Schedule E, @JimKatInSac.
It is most likely an input error in that the interest was entered more than once in the program. One likely instance would be where the figure was entered as mortgage interest and then again as "other interest" in the Rentals section.
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