Entering Form 1098 if primary property was rented part of the year?

Forum|Forum|2 years ago
March 20, 2024
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Hello, I lived in my primary property for 5 months and then I rented it out for 7 months during 2023; looking through numerous posts I was able to figure out that I need to enter the mortgage lender twice as follows:

- [Lender Name] - January to May

- [Lender Name] - June to December

And I need to calculate the amount of property taxes and mortgage interest corresponding to each period.

But I couldn't find any information regarding the Outstanding Mortgage Principal; if I enter the full amount on both then Turbo Tax assumes I have twice as much outstanding mortgage. Is the Outstanding Mortgage also supposed to be adjusted depending on the period of time for each entry? E.g. if the outstanding mortgage was $600,000, do I enter an outstanding mortgage of $250,000 for January-May, and $350,000 for June-December?

Best answer by RobertB4444

Yes. You'll need to partition the principal the same way you do all of the other numbers on the 1098 or the system will assume your mortgage debt is higher than it is.

@malvare5

RobertB4444Answer

Yes. You'll need to partition the principal the same way you do all of the other numbers on the 1098 or the system will assume your mortgage debt is higher than it is.

@malvare5

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