My primary residence is our family farm. I'm not filing a schedule F this year. Our only income was passive pasture rent ($1800) which I'll report on schedule E. I have a mortgage on the entire property. Is there any benefit to deducting a portion of the mortgage interest against the rental income vs the normal itemized deduction on the 1040. If so, what methods are used for determining how to split the interest between the 2.
It depends. In order to deduct mortgage expense on Schedule E, your home would need to be rented out also. Otherwise it's a personal residence.
My advice is to keep it as a personal residence and itemize it on Schedule A.