I made a first-time home purchase (w/ points) in 2022 and use the home as a partial rental. Can't enter points info for rental or personal without double counting.

Forum|Forum|3 years ago
February 26, 2023
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If I try to enter points separately with a new 1098 entry, TurboTax fails to add them to my Schedule A. If I try to duplicate my 1098, TurboTax double-counts my non-points interest. I believe this is a bug that needs to be patched.

TurboTax Online

PattiF

You would enter all mortgage interest and points reported on your Form 1098 under the Rental section once. The program will allocate and pro-rate the mortgage points between rental and personal based on the information you provide. It will place them correctly on your tax returns. ( Schedule E for rental and schedule A for personal)

You do not re-enter it under Schedule A Form 1098 again.

To enter mortgage interest and point information on your rental ( schedule E), here are the steps:

In TurboTax online,

After signing into your account, select Pick up where you left off
At the right upper corner, in the search box, type in schedule e and Enter
Select Jump to schedule e
Follow prompts

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evansantos33-gmaAuthor

Thank you! I am using the CD version, so maybe there is a difference there...when I let TurboTax allocate for me, it never prompts me for points, and I am stuck just deducting the non-point interest for personal use. I believe since the points are not the result of a refinance, I have nothing to gain from them on the rental side. I was never prompted to enter points as you are describing, which is why I posted.

Either way, I fixed the issue by manually allocating between rental and personal use to avoid any duplicates. I hope documenting this issue helps.