I rent my basement also. I rented it for 10 months in 2019.
I'm capped out on the SALT deduction, so moving proportionate interest expense and property taxes into a rental expense should increase my total deduction correct?
If that's the case, how do I enter this in turbotax? On my personal deductions i should put only 2/3rds of the mortgage interest and property taxes? This will mean i'm putting numbers in the personal section that don't tie to the 1098 from my lender.
Then put the remaining 1/3rd of the mtg int & property tax in as a rental expense?
That is how i currently have it entered but it doesn't make sense. My refund is much lower than it was before i entered my rental loss.
Also, i followed the steps for putting in depreciation of the basement, within these steps TurboTax shows 2.5k of depreciation, but when i complete the steps 0 deduction shows up?
