Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
P
paulbythebay
January 22, 2025
Question

I have 950k in mortgages on 2 properties. One is a short term rental (about half). How do I enter 750,000 of interest for deduction and enter balance on rental expense

  • January 22, 2025
  • 1 reply
  • 0 views
No text available

    1 reply

    PatriciaV
    PatriciaV
    Employee
    January 22, 2025

    Enter your interest expense from Form 1098 under the Rental Property (Schedule E) section first. Be sure to answer all questions regarding the number of rental days for the year. This percentage will be used to allocate the interest expense between the rental on Schedule E and your itemized deductions on Schedule A.

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

    Unlock tailored help options in your account

    Create an account
    TurboTax Expert Assist
    TurboTax Expert

    Get answers to all your tax questions

    Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

    Terms & ConditionsCookie settingsAccessibility statement
    Intuit
    TurboTax Credit Karma QuickBooks MailChimp

    ©1997-2022 Intuit, Inc. All rights reserved.
    Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
    of Intuit Inc. Terms and conditions, features, support, pricing, and service options
    subject to change without notice.

    Security Certification of the TurboTax Online application has been performed by
    C-Level Security.

    By accessing and using this page you agree to the Terms of Use.

    Accessibility

    TRUSTe nResult Certified e-File C-Level Security Certification