Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Schedule E interest is getting added as an itemized amount

valenzuelam1
Level 1

While preparing my taxes I noticed that the system is choosing to itemize and adds interest from my mortgage and the interest from my rental property (Already added in schedule E) which it doesn't seem right, can someone shed some light here what am i doing wrong or why is the system automatically taking the interest from schedule E into account as an itemized item?

I was under the impression that we should only itemized mortgage interest but in this case I'm not sure why the system automatically picks up the interest from my schedule E.

Also, I was told I cant include Expenses for business use of my home since my business is at a loss however the system is capturing the simplified method worksheet and calculating an expense and making my loss bigger, is this accurate?

Kindly let me know

 

Thanks,

Mariana

0 Cheers
1 Comment 1
abctax55
Level 15

Are you a tax professional?

***

Appears you may be.  The 'system' generally does what you tell it to.  And there aren't any other posts about PTO doubling "E" interest.  

Check your entries; is it a 100% rental or is it a vacation rental?  

 

 

"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"