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. You can also deduct expenses that are usually not deductible, like electricity and qualified home improvement projects.
To enter in TurboTax, follow these steps:
- Under the rental property section, your Property Profile indicates that you rented out part of your home.
- On the page, Let Us Calculate Your Expense Deductions for You, a yes answer will allow you to enter the entire mortgage expense, and TurboTax will do the math for you based on the rental % of your home.
- If you choose this method, you wouldn't enter the deductible personal portion again. TurboTax would transfer the personal portion to Schedule A.
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