Both homes short term rental and personal use

Forum|Forum|4 years ago
April 13, 2022
1 reply
0 views

Both my homes are used as short term rentals and personal use.

Where do I enter the mortgage interest 1098 info for each in TT?

-the home mortgage interest section

-Rentals section

-both?

thx u in advance for the help

PattiF

You would enter the mortgage interest in both places, rental and personal deductions in the home mortgage interest section.

From @RaifH:

In the personal deductions screen, you can select the box that says The interest amount I entered is different than what's on my 1098 under the Box 1 Mortgage Interest. You can attach a statement to your return that says something along the lines of "The remainder of the mortgage interest and property taxes are being used as a rental expense for the period of August 1 - December 31, 2021."

Enter the amount used for personal deductions and put the balance on the rental property mortgage interest. You will have to determine the percentage of short-term rental use by calculating the number of days the property was rented for the year. The remainder of the days will be for personal use to be entered into personal deductions.

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

YetiAuthor

thx u Patti..

yet my understanding is TT already pro-rates based on personal use vs rental use days (as entered in the rental property section..i.e. xx days rented, xx days personal).

So I should pro-rate as well even if TT does it already?

PattiF

You should double-check the calculations that TurboTax uses, sometimes the amounts are a little off when the software pro-rates expenses. Check the mortgage interest and real estate taxes for the rentals and on the personal deduction section.

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