DIY Products

DIY Products

Whether you’re an experienced do-it-yourselfer or doing your own taxes for the first time, this is your place to learn and share. Here you’ll find information and resources for using H&R Block’s online and software DIY solutions. You’ll also find links to more information to assist you on your DIY journey.

Reply
Pioneer
Posts: 1
Registered: ‎02-18-2016

Mortgage Note Expenses

I sold a rental and am carrying the mortgage note.

 

I have filled out both the installment sale (6252) and 1099-int forms.

 

Since I need to make sure that they aren't destroying the property, to protect my note, I  have expenses to travel to another state to inspect the property.

 

Can I deduct those expenses?  There doesn't seem to be any place to put expenses in, except perhaps 1099-int "adjustments".

 

 

Associate (Pioneer)
Posts: 253
Registered: ‎01-08-2018

Re: Mortgage Note Expenses

Hello MrSanRamon,

 

Welcome to H&R Block Community.

 

For your situation, these expenses can be entered as “investment expenses” on Schedule A for Itemized Deductions. 

 

If you are using the H&R Block desktop/downloaded software, here are the steps to enter the expenses.

  1. Open the tax return file
  2. Click Federal tab
  3. Click Deductions
  4. Find Miscellaneous Deductions (2%)
  5. Click Go To
  6. Find the box for “Investment expenses,” and enter the amount in there.
  7. Then, click Next when finished

 

If you are using the H&R Block online product, follow the steps below to enter the expenses:

  1. Click Federal tab
  2. Click “Go to the last screen I completed.
  3. Click Next
  4. Click Adjustments & Deductions
  5. Find Other Deductions
  6. Click [Visit Topic] Miscellaneous Expenses
  7. Click Next
  8. On screen, “Tell us about your miscellaneous expenses”, follow the screen instructions to enter the expense information here
  9. Click Next several times to finish

 

If you have any other questions, I'll be glad to help.

 

Lawrence,

Tax Research Specialist