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How do I deduct expenses associated with renting out my basement to a business?
I receive rental income for the space but where do I deduct this share of home utilities, insurance, etc. ?
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June 4, 2019
8:43 PM
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Investors & landlords
Mortgage interest, property taxes, utilities, and insurance are divided between personal (Schedule A, itemized deductions) and rental use (Schedule E) , proportional to the number of days used for each.
Type in rental property in the search box, top right of your screen, then click the magnifying glass
· Click the jump to rental property link in the search results.
· Follow the onscreen instructions
· Navigate to the Rental Summary page
· Scroll down the Expenses category, click Start or Update
· Navigate to the Enter Common Expenses, page
· Click Continue
· Arrive at the Report Mortgage Interest page, follow the online instructions from there
June 4, 2019
8:43 PM