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Level 5

How to deduct proper mortgage interest for Airbnb Room in a house

Hi

 

I rented a bedroom of my home using Airbnb. I am planning to use Schedule E, but TurboTax does not ask me about how big is the area/room for this rental.

 

To deduct the home mortgage interest, it uses the total of days rented and the personal day use. So, should I put only the mortgage interest percentage of the area used for Airbnb and then TurboTax calculates the split between rented/personal use?

1 Comment
Employee Tax Expert

How to deduct proper mortgage interest for Airbnb Room in a house

Under the property profile section of the rental section, indicate that you rented part of your home. Personal use days refers to any days that you personally used the room. If it simply was not rented certain days, then enter 0 for personal use days. Then TurboTax can do the math based on the rental use % (you can use the sq. footage).  If you did have a combined use of the room, then you have to complete your own allocation of expenses.