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

 
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Marketstar
Level 7

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.

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1 Reply
Marketstar
Level 7

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.

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