I have already deducted my mortgage interest and property tax for my home. I also rent out three rooms in my home. What can I deduct as a homeowner and landlord?

 
DianeW
Expert Alumni

Deductions & credits

The mortgage interest and property tax are deductible in full as a single family home on itemized deductions with or without tenants.  You can leave them as you have entered them in Deductions & Credits, but do not enter them again in the rental section.

As a landlord you can also deduct the rental portion of utilities, homeowner insurance, and any repairs, cleaning or maintenance to the entire property.  When you answer the questions about the type of rental and the rental situations (click the screen shot attached to view these questions) you will be asked about personal days and rental days based on your answers to the questions.  

TurboTax will calculate the appropriate amount of your expenses based on the number of days rented. If you rented it all year, it will ask for the percentage of the property being used as a rental which can be determined by square feet of the total home prorated against the square feet of the rental rooms only.

You can also deduct in full any expenses that were directly attributable to the rental rooms only. Examples would be the cost of creating a lease, legal fees for the rental rooms, furniture for the room.

(Edited:  01.08.2018 | 07:20 AM)

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