Interest paid on a mortgage for a rental property. Do i claim this under carrying charges and investment expenses or in the rental property expense section?

1875lund · ‎April 3, 2022

Raman1 · ‎April 5, 2022

You would enter your interest paid on your mortgage for your rental property under rental property expenses.

You will log into your return
On the left-hand side menu go to Income- scroll down to Rental properties.
When you get to your Rental Profile - check off the box that says "Rental Expenses".
Continue
Now you will be on the T776 Rental Expense page where you will see the third line is interest- please enter the amount here.
Continue

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N01405817 · ‎April 5, 2022

You should claim it under the rental property expense section.

Please follow these two TurboTax Articles to understand more about the differences between Claiming Carrying Charges and Interest Expenses and Claiming Expenses on Rental Properties

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1875lund · ‎April 5, 2022

Thank you for your answers, it is as I thought but just wanted to be sure!

Investors and rental owners