Rental property inforamtion

Forum|Forum|7 years ago
June 1, 2019
1 reply
38 views

Can i claim the mortgage interest from a rental property in addition to my main home?

TurboTax Premier Online

Best answer by MargaretL

Yes, you can - if the rental property and your home are two separate buildings. You would claim rental property's mortgage interest as your rental expense in the Rental section and your home's mortgage interest as your itemized deduction in Deductions & Credits section, Your Home category.

If you are renting part of your home, the mortgage, real estate tax must be allocated between rental and personal use. When going through the Rental income expenses:

the program will ask you to enter all your rental expenses as a total amount, and, upon entering the % of rental, the program will do the math and allocate the correct expenses, OR
you would do the math yourself by splitting rental and personal expenses and simply entering the rental portion in the rental expenses section, then entering the remaining portion in the Deductions & Credits, Your Home section.

MargaretLAnswer

Level 12

If you are renting part of your home, the mortgage, real estate tax must be allocated between rental and personal use. When going through the Rental income expenses:

the program will ask you to enter all your rental expenses as a total amount, and, upon entering the % of rental, the program will do the math and allocate the correct expenses, OR
you would do the math yourself by splitting rental and personal expenses and simply entering the rental portion in the rental expenses section, then entering the remaining portion in the Deductions & Credits, Your Home section.