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June 6, 2019
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Where do I enter earned interest on my escrow account for a rental property mortgage?

  • June 6, 2019
  • 2 replies
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Best answer by BobinCT

Just like interest income on a savings account.  Enter it as though it was on a regular 1099-INT

2 replies

BobinCTAnswer
Employee
June 6, 2019

Just like interest income on a savings account.  Enter it as though it was on a regular 1099-INT

March 16, 2022

I don't think this has been solved correctly.  The interest generated is for a rental, not just interest earned in a bank account.  The interest gained should reduce the expenses incurred on the property or increase the amount earned on the property.

 

However, TT does not appear to have an obvious means to make such an adjustment in the rental section.

So, I too would like to know the proper solution.   I wonder if I can put in a negative expense or add it something  like a 1099-MISC but it needs to be applied to the property.

March 18, 2022

Since interest is not 'Rental Income' it is not reported on Schedule E. 

 

Click this link for more info on Interest Income for Rental Property.

 

 

August 23, 2023

But since I qualify for QBI, I should be able to allocate interest income to the rental!   So where in schdeule E do I put it?

Critter-3
August 25, 2023

Explain " interest earned on escrow account"  ... what do you mean exactly?  

 

Are you the landlord that has an escrow account holding things paid in by the tenents like the security deposit? 

 

Or are you holding the mortgage on a rental property?