Am I reporting mortage interest twice?

[susanoday]

This concerns my short-term rental house mortgage. I have entered the mortgage interest already under DEDUCTIONS and CREDITS/Mortgage Interest. In that place I entered all information it asked for from my 1098 from the mortgage company. Later on, when I was working on Schedule E, under RENTAL EXPENSES, I was asked to report mortgage interest again. Do I need to report it in both of these places in TT or do I remove one of them? Thank you.

[Leonard]

Yes, you will only report mortgage for your rental property on Schedule E for the rental.    You should remove the rental mortgage interest under Deductions and Credits.

You do not report the mortgage rental interest under  Deductions and Credits that is for your personal deductions, not rental deductions.

[susanoday]

Thank you so much for your answer!

[be54066c25a6]

Question: what if I am renting out a room in my home, would I enter the mortgage interest in both rental schedule E and deductions and credit for personal deductions?

[AmyC]

Part rental and part personal does use both the sch E and the sch A. However, when you enter the sch E information, it will pull the personal portion to the sch A for you so you do not enter the information a second time. Be sure to preview your return before filing.

@be54066c25a6

[Annde5]

Do this also apply to Royalty property, ie your home 

[HopeS]

@Annde5 Please clarify your question. Are you renting a portion of your personal home?

[Annde5]

Hi Hope, 

No, I do not rent out any part of my home, but under the royalties section, it has a place for mortgage interest paid.  Do I list it there or under the other deduction section?  Thanks.

[HopeS]

You should deduct home mortgage interest and points reported on Form 1098 on Schedule A (Form 1040), line 8a.

If you are referring to interest incurred to produce rents or royalties you should report these on Schedule E. See the table below.

Royalties from copyrights, patents, and oil, gas, and mineral properties are taxable as ordinary income. You generally report royalties in Part I of Schedule E (Form 1040), Supplemental Income and Loss

Please follow the steps below to correctly report your royalty income:

1. Open your return.
2. Search 1099-MISC and select the Jump-to link.
3. Enter your royalties in Box 2.
4. Select Investment income from Property you own for the page titled Source of 1099-MISC Income.
5. Search for Schedule E and select the Jump-to link. 
6. Click Edit next to the Royalty entry.
7. Answer the remaining on-screen questions.

If your question is relating to your personal home and has nothing to do with royalty income and expenses then you should enter the interest shown on your Form 1098 on Schedule A. 

@Annde5