Deducting Mortgage and Property tax for Rental Home

SSS · ‎March 10, 2022

How do I enter property tax and Mortgage data for partial rental -last 2 months of 2021, (Note in 2022 rental will be full 12 months).

There is conflicting information in the forum, furthermore I note that Turbo tax seems to compute 2 months property tax from the Total entered but for mortgage it wants the amount for the 2 months only.

DavidD66 · ‎March 10, 2022

You enter 2/12 of the total property tax for the year, and TurboTax has already done that for you. For the mortgage interest, do the same thing, take 1/6 of the total mortgage interest for the year and enter that amount. The amount will be slightly off due to the fact that the interest is slightly less each month, but for such a short period, the difference is minimal. If you have a copy of your loan amortization you can look it there and enter the exact amount.

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DavidD66 · ‎March 10, 2022

You enter 2/12 of the total property tax for the year, and TurboTax has already done that for you. For the mortgage interest, do the same thing, take 1/6 of the total mortgage interest for the year and enter that amount. The amount will be slightly off due to the fact that the interest is slightly less each month, but for such a short period, the difference is minimal. If you have a copy of your loan amortization you can look it there and enter the exact amount.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

SSS · ‎March 10, 2022

Many Thanks

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Deducting Mortgage and Property tax for Rental Home