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me15
New Member

I am buying a property which has two single mobile homes. I live in one and rent out the other for all of 2018. How do I claim the interest on the mortgage payments?

 
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1 Reply
IreneS
Expert Alumni

I am buying a property which has two single mobile homes. I live in one and rent out the other for all of 2018. How do I claim the interest on the mortgage payments?

You will have to divide the mortgage interest (and property taxes) between the two properties.


  • The interest on the home you live in will be reported in the Your Home section. 
    1. Click Personal > Deductions & Credits > I'll choose what I work on.
    2. In the Your Home section click the Start/Update box next to Mortgage Interest, Refinancing, and Insurance.
    3. Continue through the screens, entering the requested information.

  • The interest on the rental will be reported on Schedule E.
  1. Click on Business > Continue > I'll choose what I work on.
  2. On the screen, Let's gather your business info, click Start/Update next to Rental Properties and Royalties (Sch E) 
  3. On the Income from Rentals or Royalty Property You Own  screen, click Yes.
  4. If you have already entered information about your rental (or transferred it from the previous year), you will come to the Rental and Royalty Summary screen.  Click on the Edit box next to the property. 
  5. If you haven't yet entered any information about the property, you will see a screen, Is This a Rental Property or Royalty?  Mark the button for Rental property and enter information about the property. 
  6. Continue through the screens, entering the requested information.


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