turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
turbotax icon
turbotax icon
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

lisoulove
New Member

Confused about where real estate taxes go if my main home Is also partly a rental property

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions

Confused about where real estate taxes go if my main home Is also partly a rental property

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.

For instance, if you rent out 1/4 of your floor space, deduct 1/4 of your property tax and mortgage interest times days rented /365 as a rental expenses, and 3/4 of the property tax and mortgage interest as a Schedule A, itemized deduction.

So, you will enter a portion of mortgage interest and property taxes in both areas.

View solution in original post

1 Reply

Confused about where real estate taxes go if my main home Is also partly a rental property

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.

For instance, if you rent out 1/4 of your floor space, deduct 1/4 of your property tax and mortgage interest times days rented /365 as a rental expenses, and 3/4 of the property tax and mortgage interest as a Schedule A, itemized deduction.

So, you will enter a portion of mortgage interest and property taxes in both areas.

Use your Intuit Account to sign in to TurboTax.
By selecting Sign in, you agree to our Terms and acknowledge our Privacy Statement.
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies