To accurately reflect the gain or loss for the Rental property you must report the expenses that are applicable to the rental on Schedule E and the amount applicable to the Primary residence portion to Schedule A. There are other factors to consider when deducting expenses attributable to income producing properties.
You must split any expenses – mortgage interest, mortgage insurance premiums, and real estate taxes – between the rented portion of your home and the unrented part.
Renting All or Part of Your Home
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