turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

What is the proper way to report Mortgage interest on a rental property that was also my primary residence for a short time in 2016?

I currently own a rental property that was also my primary residence for January and Februrary of 2016. The property went under lease April of 2016 through the present.

Under the Wages & Income>Rental Properties>Report Mortgage Interest section, it states to "Enter the rental portion of mortgage interest reported to you on Form 1098. We'll ask you to enter your personal portion later."

The 1098 that I received only lists the one lump sum of interest and insurance that I paid for the year. I have no way of knowing how much of that does toward personal, and how much goes toward rental.

Should the full amount be reported here under Wages & Income>Rental Properties>Report Mortgage Interest, or should the mortgage interest be reported under Deductions & Credits > Mortgage Interest, Refinancing, and Insurance?
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
DianeW
Expert Alumni

What is the proper way to report Mortgage interest on a rental property that was also my primary residence for a short time in 2016?

The mortgage interest should be reported on both.  The easiest way to calculate the amount for each is to prorate by month.  Take the total and divide by 12, then multiply by the number of months the home was available for rent for the rental portion and the difference as the personal portion.

This will accurately reflect the mortgage interest in the appropriate sections.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies