I own a 2 flat property. I live in the top unit and rent out the bottom unit. How much shared expenses do I allocate to the rental unit on schedule E? There is a note in Turbotax that says enter 100% because we allocate the amount for you.
- If I enter my mortgage interest and home insurance in this section won't it be double counting the deduction?
- Do I enter 100% of shared utilities or yard maintenance?
- What if an expense is purely related to the rental property and not shared (e.g. cleaning service just for the downstairs unit)? How much do I allocate?
