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I bought a new house mid-year and didn't sell the previous house. Instead, I rented the old house . Now I have a 1098 that the interest was paid for the most part when I was living in the house. About 80%. What should I choose on this question? What kind of property is this loan for?
Am I splitting it myself to 2 entries for one 1098 based on how long it was primary home, abd how long it was rental?
Also how about another 1098 that's completely for the time that I was living in the house? My confusion is, it WAS my primary home the whole time for this specific 1098, but it is NOW my rental.
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Enter your Form 1098 for your old home in Rental Properties and Royalties. TurboTax will divide your mortgage interest between rental and personal and transfer the personal portion to Deductions & Credits.
Here’s what to do in TurboTax Online:
Thanks @ErnieS0 but it's asking to put only the rental portion of the 1098.
Enter the rental portion of mortgage interest reported to you on Form 1098. We'll ask you to enter your personal portion later.
In this case, you should prorate your mortgage interest and enter the portion of the mortgage interest that you paid while you were renting your former personal home. Later in the program, enter the rest of the mortgage interest in the section where the question is for the time when you were living in the house.
And for the other Form 1098, enter that in the personal section of your tax return. This will be added to the other personal mortgage interest and placed on Schedule A.
Be sure to split your property taxes to reflect when the house was a personal home and then a rental.
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