AmyC
Expert Alumni

Deductions & credits

@OhhTaxes You are filing a sch E for rental income and expenses. See About Schedule E (Form 1040 or 1040-SR), Supplemental Income and Loss.

 

For example: Say you rent out 20% of your home. Then 20% of your insurance, mortgage, utilities, etc would go against the income produced.

 

Insurance is not a tax deduction for a homeowner. Only landlords deduct insurance. So, as in the example above, only 20% of the insurance would be deducted, on sch E. The rest is not deductible.

 

Mortgage interest is deductible. Following the example, 20% on sch E and 80% on sch A, itemized deductions.

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