Hi,
In turbotax online, Deduction/Credits section. For mortgage interest part, after I added, it ask me "What kind of property is this loan secured by?" I selected " Rental". I says it does not qualify deduction and ask me to finish schedule E. Does it mean I should delete this 1098 from turboTax? It does not change the how much refund I get.
In the rental income section, it only ask me about the mortgage interest and tax but did not ask me to enter a Form 1098. I am wondering should still include this form anywhere in my return?
If you are using a property as a rental unit, you would include the mortgage interest and real estate tax on the schedule E. It does not require you to enter a 1098 in that section so you are fine there. However, you would not be able to double dip and use the mortgage interest and real estate tax for itemized deductions as well.
Yes. TurboTax told that I could not use it as deduction. So that mean I should just remove that 1098 entry, right? Or TurboTax will not use it anyway?