Splitting Interest and Real Estate Taxes

[Chowdahead]

Is there a better way of splitting mortgage interest and real estate tax between Schedule A & Schedule E, besides manually dividing the figures with the calculator and inserting them into the respective forms separately?

I've always noticed on the Asset Entry form it allows the "Business Use" percentage to be adjusted (i.e. 50% or 66.6% etc). But I don't see a corresponding box on the actual Schedule E input form. I also noticed that Schedule A, on the Real Estate Taxes tab, has a data field for "Interest from Schedule E", but I haven't been able to figure out what it's for and how to access it.

What do you do?

[imjulier]

I do just split it manually in ATX....but you're right, there may be a better way.

Julie

[mcb39]

I do just split it manually in ATX....but you're right, there may be a better way.

Julie

I have split it manually for so many years that I never thought about there being an easier way. Maybe somebody else may have looked for and discovered it.

[jainen]

>>I don't see a corresponding box on the actual Schedule E <<

Normally this is done through the entries for vacation home rules. For a duplex, divide it manually with a note or schedule for the file. Other methods are controversial and require you to notify the client that the position is not well-supported by regulations. For example, you must make an irrevocable election to treat a home loan as not qualified, and there is no statutory authority for applying the election to just a PART of the debt.

[bstaxes]

I use the calculator and split as needed. 50-50, 67-33, 80-20 or what ever the ratio may be. I also write myself a note as tohow I split it.