We deduct mortgage interest and property taxes on our primary residence. Our rental property is used 100% for rental and we claim the rental income and deduct expenses, mortgage interest, and property taxes.
We are considering purchasing (with a loan) a boat that qualifies as a home (sleeping, toilet, and cooking) and are wondering if we can deduct loan interest on the boat.
My understanding is that we can deduct interest on two homes. Does the rental property count as one or not? I searched but couldn't find an answer to this. I am hoping that we can deduct interest on our primary residence and the boat and also continue to deduct interest and property taxes (while claiming the income) on the rental property.
Thanks in advance!
Chris
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You enter the rental income and expenses, to include the rental property mortgage interest expense, on Schedule E.
See this TurboTax support FAQ for rentals - https://ttlc.intuit.com/questions/1894483-where-do-i-enter-income-and-expenses-from-a-rental-propert...
You enter the mortgage interest on your personal residence on Schedule A as an itemized deduction.
You enter the rental income and expenses, to include the rental property mortgage interest expense, on Schedule E.
See this TurboTax support FAQ for rentals - https://ttlc.intuit.com/questions/1894483-where-do-i-enter-income-and-expenses-from-a-rental-propert...
You enter the mortgage interest on your personal residence on Schedule A as an itemized deduction.
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