My home has a basement rental apartment. It is 27% of my total floor space. I expense the cost of utilities by multiply the charges by 27% and deducting that from my rental income. Turbo tax has a process to do that.
Can I do the same for home mortgage interest, real estate taxes and home owner's insurance. I assume to do this I would have to reduce the interest and real estate taxes reported on my 1098 before entering it into TurboTax.
Would like to know if this is okay. Especially taking into account the SALT limitations.
Thanks
