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user17762832219

Level 1

Question

Part Year Rental Home - Interest Question

Forum|Forum|2 months ago
April 15, 2026
1 reply
145 views

We started renting our home in Dec, so I need to claim 1/12 of the year's interest for the rental time frame and 11/12's as qualified interest since we lived in the home during that time. When I go to enter the interest on the Wages/Income page it asks you to enter the amount from line 1 of the 1098 (which is 30,292) so I enter that but then it seems to double count the interest when as the Schedule E shows the 11/12s amount (27,719) making the mortgage interest show as 58,012 (which is not correct) - how do I fix this so it is reported correctly?

Level 15

You need to adjust your personal and rental interest amounts and allocate correctly to both sections of your return.

The Rental Portion (Schedule E)

Go to your Rental Property section first. When it asks for mortgage interest:
Enter only the 1/12 portion: $2,524 (approx).

The software will place this on Schedule E, reducing your rental income.

Now go to deductions and credits in your return to allocate the remaining portion to your home mortgage interest.

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