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Can i report my rental income and mortgage in schedule E and claim standard deduction still. or should i only take itemized deduction

 
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4 Replies

Can i report my rental income and mortgage in schedule E and claim standard deduction still. or should i only take itemized deduction

Yes the Standard Deduction or itemized deductions on schedule A are separate from rentals on schedule E.    You can take the Standard Deduction.
Carl
Level 15

Can i report my rental income and mortgage in schedule E and claim standard deduction still. or should i only take itemized deduction

All rental income and expenses "has" to be reported on SCH E. On the SCH E, rental expenses are itemized as such no matter what. As for your standard deduction or itemized deductions on the SCH A, that has no relation to the SCH E.

Can i report my rental income and mortgage in schedule E and claim standard deduction still. or should i only take itemized deduction

where do I put the year that the rental property was first in service.  I want to capture the depreciation.

Can i report my rental income and mortgage in schedule E and claim standard deduction still. or should i only take itemized deduction

Look in the rental expenses section for the ASSETS area ...

 

assets rental.png

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