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MNYL
Level 3

Mortgage interest for personal portion is transferred from Schedule E. TT asked to enter in all mortgage interest information from Form 1098 (all box info).  The amount shown includes full mortgage amount + schedule E transferred. What should be entered?

In Deduction and Credits section, under Mortgage Interest, Refinancing and Insurance section, Turbo Premier asked to enter lender info and all information from Form 1098.  If personal portion of the mortgage was transferred from Schedule E, final amount shown including full mortgage interest + transferred amount from Schedule E.  How should this section be accurately entered?  Please advise anyone.

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3 Replies
Anonymous
Not applicable

Mortgage interest for personal portion is transferred from Schedule E. TT asked to enter in all mortgage interest information from Form 1098 (all box info).  The amount shown includes full mortgage amount + schedule E transferred. What should be entered?

what property is secured by the mortgage?  the rental property, your residence, or do you rent out part of the building which is also your residence? 

Mortgage interest for personal portion is transferred from Schedule E. TT asked to enter in all mortgage interest information from Form 1098 (all box info).  The amount shown includes full mortgage amount + schedule E transferred. What should be entered?

If you already entered the shared rental/personal  mortgage info in the rental section you are NOT to enter it again in the deductions section ... the program tells you not to do so ...

 

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MNYL
Level 3

Mortgage interest for personal portion is transferred from Schedule E. TT asked to enter in all mortgage interest information from Form 1098 (all box info).  The amount shown includes full mortgage amount + schedule E transferred. What should be entered?

Thank you for answering!  It's a personal home but part of it also for rental in 2019.  Main confusion is under the "Deduction and Credits" section,  under the rental part, it asked to put in Lender Form 1098 information, why asked this if in Schedule E Turbo Tax already asked to enter full amount of mortgage interest and property tax then it will transfer the personal portion to Schedule A .  

 

If I just leave the mortgage amount blank (leaving that section shows the personal portion transfer from Schedule E), then in Schedule A it will show I did not enter in any mortgage interest.  This is the only section ask for entering the details from Form 1098.   It's confusing on what I should enter here.  Please advise.  Thank you very much!

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