Turbotax guided me to enter Under "Deductions and Credits" section accessed from the left hand side bar:
Mortgage Interest and Refinancing (Form 1098)
Property (Real Estate) Taxes
However, when I go to Federal > Wage and Income > Rental Properties and Royalties
section for my rental property, there are fields for Mort Interest as well as Property Taxes.
Which one am I supposed to enter it it? Would entering it in both be an issue?
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You want to enter the mortgage interest and property tax for your rental in the rental section, NOT the deductions and credits section. They go on Schedule E, not Schedule A.
To report a seller-financed mortgage -
Click on Federal Taxes (Personal using Home & Business)
Click on Deductions & Credits
Click on I'll choose what I work on
Under Your Home
On Mortgage Interest, Points, Refinancing, and Insurance, click the start or update button
Answer the questions on the following screens and you will land on a screen labeled Do any of these situations apply?
Select This is a seller-financed loan and I did not receive a 1098. Continue
You don't have enter the SSN for the seller financed interest for a rental property. Just enter the amount of interest you paid.
Make sure you enter the related income from any seller financed mortgages.
Report the interest portion of the payment as ordinary income on Form 1040 or 1040-SR, line 2b, or Schedule NEC (Form 1040-NR) if a nonresident alien.
During the Real Estate interview you need to answer yes if a 1099 was required to be reported if the amount is greater than $600. Then you are required to file a 1099-int for the interest paid to seller if they are not a business.
You then would have the interest income reported on your Schedule B.
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