Check the option that "I rent out a part of my home", and select "No, this property was not rented all year", and do not put any number in the box for personal days.
Mortgage interest and property taxes are divided between personal (Schedule A, itemized deductions) and rental use (Schedule E) proportional to the number of days used for each and square footage rented.
Your formula is as follows: square footage of rental space/ total square footage of house times days rented/365 to be allocated as a rental expense
For instance, if you have $10,000 in mortgage interest and rent 25% of your floor space for 6 months, multiply 10000 x .25 x .5 = $1250 to allocate as a rental expenses. the balance as a Schedule A, itemized deduction.
So, you will enter a portion of mortgage interest and property taxes in both areas.
To enter personal mortgage interest and property taxes:
- Type in mortgage interest in the search box, at the top right of your screen
- Hit the Enter key
- Click jump to mortgage interest in the search results
- Follow the prompts and online instructions
- To enter rental expenses, type in rental property and follow the above instructions
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