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Investors & landlords
How do I report the costs that apply only to the rental unit as 100% Rental Expenses? Once I set the "Rental Use Percentage," it appears to use a 50% allocation for all of the expenses that I enter. Most of the work that I did was not shared costs and should not be 50% allocated, but I don't see how to differentiate between shared costs and costs that apply only to the rental unit in the expense section.
Would it be better to treat the rental side as its own property, which is 100% rented out?
Also, I still don't know to treat the mortgage interest and taxes for the property. I have a single mortgage for the duplex, should I submit 100% of the interest and taxes for the property as expenses for the rental? Or should I divide it in half and report half of it in the "Deductions & Credits" section? I feel like I shouldn't be reporting the same information twice, but I'm not sure where it belongs.
Would it be better to treat the rental side as its own property, which is 100% rented out?
Also, I still don't know to treat the mortgage interest and taxes for the property. I have a single mortgage for the duplex, should I submit 100% of the interest and taxes for the property as expenses for the rental? Or should I divide it in half and report half of it in the "Deductions & Credits" section? I feel like I shouldn't be reporting the same information twice, but I'm not sure where it belongs.
‎June 6, 2019
12:19 AM