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October 15, 2024
Question

Schedule E Mortgage Int and Schedule A Mortgage Int when renting rooms for a portion of the year.

  • October 15, 2024
  • 1 reply
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In 2023 I rented out some of the rooms in my primary residence.   It looks like Turbo Tax is adding both the mortgage interest I've entered from my 1098 Mortgage Interest for Schedule A and the Mortgage Interest entered for the room rentals from Schedule E.    

 

Going through the step-by-step process for Wages & Income, under the Rental Properties and Royalties section, Rental and Royalty Summary, Expenses, Report Mortgage Interest, it instructs you to "Enter your mortgage interest from form 1098, line 1."  I enter $14,896.  and proceed through all of the steps...

 

I then continue and complete the Deductions and Credits, Your Home section, Mortgage Interest, Points, Refinancing and Insurance sub section, I entered all of my 1098 information. Box 1 Mortgage Interest which was $14,896.  

 

TT-HomeLoan.png

I now see in the Your 2023 Deductions & Credits summary,  under Your Home, Mortgage Interest, Points, Refinancing, and Insurance $25,209.  It appears it has applied a portion of the mortgage interest from the Schedule E along with the mortgage interest from the 1098 / Schedule A.   

 

Should I manually enter the mortgage interest portion for rental in schedule E and the personal portion in Schedule A?

 

Thank you in advance!

 

Tim

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    Employee
    October 15, 2024
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