You'll need to sign in or create an account to connect with an expert.
You get to take a deduction for all of the Mortgage Interest you paid on each property. You should receive (if you haven't already) a 1098 from each mortgage company that shows the exact amount of interest you paid on each loan. You will enter the interest reported on both 1098s in TurboTax.
As for the property tax, you can deduct the prorated amount of property tax based upon the number of days you owned the property. Your HUD-1 Closing Statements will both show adjustments. The adjustments will depend upon when the closing occurred in relation to when the property taxes are/were paid. For example, if you sold your house after you had paid the 2015 property taxes for the entire year, then there would be an adjustment where the buyer paid you for the taxes related to the part of 2015 they owned the house. You would subtract this from the amount you paid to calculate your deduction. Similarly, if you purchased your house after the seller paid the 2015 property tax, there would be an adjustment on the closing statement showing your share of those property taxes, which you can deduct.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
snoblack
Level 2
9137421619
New Member
tljackson1542
New Member
ja19584
New Member
betsy-leeman
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.