Double-counting mortgage interest for my primary residence with a basement tenant

Forum|Forum|1 year ago
February 14, 2025
1 reply
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Turbotax appears to be double-counting the real estate taxes and mortgage interest I paid on my property this year. I both use the property as my primary residence and rent out part of the property (basement). I indicated when filling out the rental income and deductions portion that the house is used for personal and rental use. Is there a way to correct this so my tax filing isn't incorrect?

Best answer by AmyC

Yes. There are two options, either way you must know the percentage for the basement. For my example, I will use 25% rental.

You do the math: Enter your %, example 75% of the mortgage interest and property taxes under deductions and credits. Enter the other 25% on sch E for the rental.
Let the program do the math: Delete all numbers from deductions and credits. Return to Sch E to the property profile. Select that you rent part of your home, enter the percentage and select for the program to do the math. It will the correct amounts on Sch E and pull the rest to Sch A.

AmyCAnswer

Employee

Yes. There are two options, either way you must know the percentage for the basement. For my example, I will use 25% rental.

You do the math: Enter your %, example 75% of the mortgage interest and property taxes under deductions and credits. Enter the other 25% on sch E for the rental.
Let the program do the math: Delete all numbers from deductions and credits. Return to Sch E to the property profile. Select that you rent part of your home, enter the percentage and select for the program to do the math. It will the correct amounts on Sch E and pull the rest to Sch A.

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