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Dear Mary,
Thanks for your answer. However, it does not fully address the question and deviates into the discussion of a home office which was not part of the question, though, it is good to know and is indirectly relevant.
Having extensively discussed it with multiple QBSE agents, we finally figured it out. A home mortgage payment can be split into three parts or categories in QBSE: 1. Mortgage, 2. Mortgage interest and 3. Property Tax (home office). When TurboTax becomes available, one can itemize mortgage related expenses so that they are factored in as deductions. At least, this is how I see it and how to accomplish as such.
Hopefully, this might be useful for someone to know.
Good luck with the tax season!
Don.
Hello there, don64,
You can split the payment and use the correct category for the transaction. For example, the mortgage interest amount is deductible. Then, the mortgage principal is not.
Have you also set up the home office in QBSE? If not, here's how:
Here's an article to learn more: Categorize home office expenses and enter square footage in QuickBooks Self-Employed.
Also, I recommend checking with an accountant to make sure you're recording this correctly.
Let me know if you have other questions.
Dear Mary,
Thanks for your answer. However, it does not fully address the question and deviates into the discussion of a home office which was not part of the question, though, it is good to know and is indirectly relevant.
Having extensively discussed it with multiple QBSE agents, we finally figured it out. A home mortgage payment can be split into three parts or categories in QBSE: 1. Mortgage, 2. Mortgage interest and 3. Property Tax (home office). When TurboTax becomes available, one can itemize mortgage related expenses so that they are factored in as deductions. At least, this is how I see it and how to accomplish as such.
Hopefully, this might be useful for someone to know.
Good luck with the tax season!
Don.
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