Can I deduct mortgage interest on sch A as well as on Sch C at the same time.

Can I deduct mortgage interest on sch A and on form 8829. If yes, how do I do that. Do I fill two 1098’s.

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  1. 28 Answers

    You cannot deduct mortgage interest twice unless the property is BOTH a personal residence and a rental property. Only then can you take a mortgage interest deduction on both Schedule A and a Schedule E by splitting the interest 50/50 (50% for Schedule A personal use and 50% on Schedule E rental use). For example, if your interest was $1000, $500 interest can be deducted on Schedule A and $500 interest deducted on Schedule E. Rental property is any residence that is rented for more than 15 days, whereby you must also report rental income. If the property was rented less than 15 days, you can deduct 100% mortgage interest on Schedule A only. You do not need to completed two Form 1098.

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