I have rental property and I have placed all information for the rental property. but I can't see any place to put the mortgage interest information for the rental property. I have home and business edition of turbo tax. I have going through the rental property section over and over. I would like to take the deduction for mortgage interest and I need help, please.
You would enter mortgage interest and property taxes for now your personal residence as just the amounts on the 1098 less what was allocated to the rental.
For your tax records, you would keep the 1098 and have some notes as to how it was allocated should someone ask.
To enter Personal residence mortgage interest
- Click on Federal Taxes (Personal using Home and Business)
- Click on Deductions and Credits
- Click on I'll choose what I work on (if shown)
- Under Your Home
- On Mortgage Interest, click on the start or update button
Personal residence property taxes is right after this section.