Category: Finding Deductions
Where do I enter mortgage interest?
If the Mortgage Interest is for your main home, you would enter the Mortgage Interest as an Itemized Deduction. The entry would be made by selecting Federal Section >> Deductions >>Enter Myself >> Itemized Deductions >>Mortgage Interest and Expenses.
If you have Mortgage Interest for your rental home, you would enter the Mortgage Interest as an expense on your Schedule E. The entry would be made by selecting Federal Section >> Income >>Enter Myself >> Rents and Royalties >> Expenses >> Mortgage Interest.
If you lived in the home for part of the year and then converted the home to a rental, you will need to allocate the Mortgage Interest and claim a portion in both areas of the return.
Please Note: The same Mortgage Interest cannot be claimed on both the Schedule A as an itemized deduction and Schedule E (or Schedule C) as a rental expense.
For more articles and information on mortgage interest click here
For instructions to the Schedule E, click here.