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erabbers
New Member

We occupy 1 unit of the duplex we own and rent the other half, where do I enter mortgage interest and insurance?

I've put that info under the rental section but it is also asking for this info in the deductions section.
3 Replies
AndreaG
New Member

We occupy 1 unit of the duplex we own and rent the other half, where do I enter mortgage interest and insurance?

Whether you enter any information about these expenses in the itemized deduction section depends on how you entered them in the rental property section.

 In the rental property section, you get the option of entering the total of each expense, such as mortgage interest, and then Turbo Tax will allocate the remaining amount as an itemized deduction. If you chose this option, then you would not make any entries in the itemized deductions section. Also, you wont actually see any amounts in the itemized deductions section. They would only be included in the total itemized deductions on your Form 1040. 

The second option is that you can enter only the amount of the expense that is rent related and then you would need to add the remaining amount in the itemized deductions section. 

To review your entries in the rental property section of Turbo Tax:

  • log in to your Turbo Tax account
  • click on "take me to my return"
  • click on the "federal taxes" tab   
  • click on "income and expenses"
  • scroll down to "rental properties and royalties" and click on "edit"
  • when you reach the "summary" rental property page, click on "update" next to "property profile"
  • navigate through the screens until you get to the screen that says, "what type of rental is this?". multi family rental (duplex) should be checked, based on the information that you have provided.
  • when you get to the screen that says, "do any of these situations apply to you?"
  • there is a selection that says, "rent out a unit in a multi-unit property". This should be check marked if it isnt already
  • continue navigating through the screens, until you get to the screen that says, "let us calculate your expenses deductions for you". There are two options on this screen:
    • answer yes if you want to enter your total expenses and then Turbo Tax will allocate the expenses between rental expenses and itemized deductions.
    • answer no if you want to enter only the amount of the expense that is rent related. You will then need to enter the remaining amount of expenses that qualify to be itemized, in the itemized deductions section of Turbo Tax.

We occupy 1 unit of the duplex we own and rent the other half, where do I enter mortgage interest and insurance?

In this situation, when Turbox tax uses the word "rental property", is it referring to the one unit for rental or both units, including the one I live in?

DMarkM1
Employee Tax Expert

We occupy 1 unit of the duplex we own and rent the other half, where do I enter mortgage interest and insurance?

Term "Rental Property" is referring to the property that you are actually renting to someone else that generated income. 

 

However, keep in mind when working through the steps to enter expenses for the "Rental Property," once you arrive at the screen:  "let us calculate your expenses deductions for you". 

 

There are two options on this screen:

  • answer yes if you want to enter your total expenses (both units) and then Turbo Tax will allocate the expenses between rental expenses and itemized deductions.
  • answer no if you want to enter only the amount of the expense that is the unit you are renting out. You will then need to enter the remaining amount of expenses that qualify to be itemized, in the itemized deductions section of Turbo Tax.
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