Turbox tax on Shcedule A
It does ask for Box 1 of 1098 and I provide my primary motgage interest from the 1098 I received. The mortgage interest is $5000
Now a portion of that $5000 (25%), which is $1250, is acttually spent on the rental investment obtained from refinance-cash of the primary mortgage.
I know I can eneter this value in Mortgage Interest in Schedule E question on the Business Rental Income question.
My question now is the actual that should go on Schedule is $3750 (difference of $5000 and $1250). Is that I should enter the value although the 1098 that I received show $5000.
If not where exactly should I reduce on Turbox Tax Business and Home software. Please be specific in your answer as I can't seem to figure where in Schedule A or Schedule E I can reduce this.
thanks.
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You are correct to allocate the mortgage interest percentage between your personal property and your rental property.
Enter $3,750 for your Mortgage Interest Deduction for Schedule A. Enter $1,250 for the Mortgage Interest Paid on your rental property for Schedule E. The IRS will match your combined amounts reported by you with the Form 1098, Mortgage Interest Statement received from your lender.
See this TurboTax article Deducting Mortgage Interest FAQs for additional information.
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