Mortgage Interest, Insurance, Taxes on Duplex

I own a duplex and live in one side, while renting out the other. I only have 1 statement for property taxes paid, mortgage interest paid, and insurance paid. Turbo tax asks for each of these items as a portion of the rental property and then I can enter my personal later.

 

How should I handle this?

 

Should I prorate the amounts (cut the amounts in half and enter half in rental and half in personal)? I am scared to do this because the 1098 won't match.

JohnB5677
Expert Alumni

Investors & landlords

For the purpose of allocating common expenses. If both sides of the duplex are essentially the same you can simply split it in two.  If one side is significantly larger, I suggest doing it proportional by square footage.

 

When posting your mortgage interest to your personal Deductions & Credits. Below the input screen for BOX 1 Mortgage Interest there is a check box for "The interest amount I entered is different than what's on the 1098".  When you select [CONTINUE].  You will have an opportunity to explain why it is different.  You can then feel confident that that it is posted correctly.

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Investors & landlords

This is great! Thanks so much!