Double-counting mortgage interest for my primary residence with a basement tenant

LittleGreenHouse — Fri, 14 Feb 2025 19:43:20 GMT

Turbotax appears to be double-counting the real estate taxes and mortgage interest I paid on my property this year. I both use the property as my primary residence and rent out part of the property (basement). I indicated when filling out the rental income and deductions portion that the house is used for personal and rental use. Is there a way to correct this so my tax filing isn't incorrect?

Re: Double-counting mortgage interest for my primary residence with a basement tenant

AmyC — Thu, 20 Feb 2025 21:52:07 GMT

Yes. There are two options, either way you must know the percentage for the basement. For my example, I will use 25% rental.

You do the math: Enter your %, example 75% of the mortgage interest and property taxes under deductions and credits. Enter the other 25% on sch E for the rental.
Let the program do the math: Delete all numbers from deductions and credits. Return to Sch E to the property profile. Select that you rent part of your home, enter the percentage and select for the program to do the math. It will the correct amounts on Sch E and pull the rest to Sch A.

topic Double-counting mortgage interest for my primary residence with a basement tenant in Investors & landlords

Double-counting mortgage interest for my primary residence with a basement tenant

Re: Double-counting mortgage interest for my primary residence with a basement tenant