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Level 1
March 16, 2020
Question

Mortgage interest schedule E

  • March 16, 2020
  • 2 replies
  • 22 views

I added my mortgage interest in during the rental section of income. I have a rented room in my primary residence. When I get to deductions the software asks for taxes not to be added but nothing about interest. After I add the interest it appears like the software is double counting interest. Once for the non rental portion of the tax added in rental and then the full amount in the deductions. It seems that if I zero out box 1 for mortgage interest then the numbers look correct. The software doesn't seem to mention this method.   It only mentions a note about not entering rental property taxes. Is entering zero the correct route? 

    2 replies

    Critter
    Level 15
    March 16, 2020

    If you choose to have the program prorate the interest and taxes between the Sch A & Sch E then do not enter it a second time ... doing so will duplicate the deduction which is incorrect. 

    Critter
    Level 15
    March 16, 2020