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February 13, 2021
Question

When I click on the Start button to enter Mortgage insurance for my rental, it takes me to the Mortgage interest for my rental, not the correct location? Why?

  • February 13, 2021
  • 1 reply
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1 reply

February 16, 2021

In general, you can deduct mortgage insurance premiums in the year paid. However, if you prepay the premiums for more than one year in advance, for each year of coverage you can deduct only the part of the premium payment that will apply to that year .IRS.gov

 

TurboTax is taking you to the mortgage interest because you will enter your mortgage insurance in box 5 of your 1098 entry screen.

  • In the Rental section scroll down to Expenses.
  • Continue to the screen Report Mortgage interest.
  • At the bottom of the screen check the box "I also paid mortgage insurance on my 1098 form."
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