Hi,
I have a question on how to Calculate and provide Mortgage Interest and Property Tax on my primary residence with 1 room for rental (Schedule E) and also running a Day Care business from the same home (Schedule C).
Here is more information about my scenario:
Total Primary Residence Living Area: 3430 Sq Ft.
Daycare business Sq. Ft: 1600 out of 3430 Sq. Ft (Total) can be claimed on Schedule C
Room Rental Square Foot: 230 St. Ft. can be claimed on Schedule-E
Schedule A can have a remaining portion of Mortgage interest and Property Tax for 1600 Sq.Ft.
Total Mortgage Interest on 1098 is US $ 27000
Total Property Tax: US $ 18000
Please help me calculate the Mortgage and property tax amount for Schedul-C, Schedule E, and Schedule-A (personal deductible).
Thank You
