Tax mortgage interest question...

[paysensmom]

The online program I am using has me enter my mortgage interest both on the schedule E and under the Adjustments and deductions. Does this deduct it twice? If I delete it from the schedule E, my refund decreases. I don't want to do something wrong.

 

[mom2alix]

Schedule E is for rental property. The mortgage interest for your home is taken on Schedule A

 

[paysensmom]

It is rental property and I see the schedule E on my account. I don't see a schedule A where it lists adjustments and deductions. It is just part of the pages I fill out while going through the process on H & R Block.

 

[msmayor]

If its a rental property, then you need to read the question carefully about WHICH mortgage interest you are entering.

If it is mortgage interest on a properly you actually live in yourself, it will go on Schedule A. If it is interest on the rental property, it will go on Schedule E. The same interest won't go on both places.

 

[marius97]

If its a rental property, then you need to read the question carefully about WHICH mortgage interest you are entering.

If it is mortgage interest on a properly you actually live in yourself, it will go on Schedule A. If it is interest on the rental property, it will go on Schedule E. The same interest won't go on both places.

This is the correct answer. I'm guessing you are inputting it into questions about the rental property as well as questions about your personal home.

 

[disneymagicgirl]

Are you using an upgraded program that includes everything you need for rentals? We have 2 rental props and a primary residence. I use turbo tax premier for our taxes.

 

[paysensmom]

I am using the basic free for military online program on their website. We also have 2 rentals, but rent our current house.

 

[disneymagicgirl]

I am using the basic free for military online program on their website. We also have 2 rentals, but rent our current house.

I would suggest upgrading to a version that will include all the step by step instructions for your rentals. It will also store your info and import next year...things such as depreciation of the assets, etc.

 

[supersnoop]

You need the premium version for step-by-step instructions on rental property. If you already know exactly what you're doing, you can fill out the forms in the basic version, but it won't walk you through anything.

 

[JBS2]

I recommend that you have a CPA (or real accountant) do your taxes because they will be very aggressive when it comes to rental properties and will net you a larger refund to offset their fee. Also, you will have less of a chance for an audit by using a professional to do your complex tax returns (you mean, rich landlord you who has an IRS bulls-eye on your back).

Reviewing tax returns is part of my business and people who own rental properties typically show a significant loss on their Schedule E (which = greater return).

 

[wiigirl]

If its a rental property, then you need to read the question carefully about WHICH mortgage interest you are entering.

If it is mortgage interest on a properly you actually live in yourself, it will go on Schedule A. If it is interest on the rental property, it will go on Schedule E. The same interest won't go on both places.

 

[paysensmom]

I have searched several times through our information on the forms. We have a schedule E, we do not have a schedule A. Something IS a bit messed up though because if I take the Shedule E away, our deduction goes down a little. This leads me to believe that the mortgage interest is being deducted twice. The other place I have our mortgage interest besides the Schedule E is on the place to fill out 1098.

 

[supersnoop]

Schedule E also includes rental expenses and depreciation. You really need to move up to a version of software that walks you through that, or take it to a professional. TurboTax should let you start for free with the Premium version. At least check to see if their final numbers match yours.

 

[wekhogan]

You may not have a schedule A. You often need mortgage interest on a home residence to qualify. You may be using a standard deduction instead. In that case, your calculated refund may be correct. But I agree with the other posters. Doing taxes is hard enough - at the very least get a program that walks you through, but you're better getting a CPA.