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Yes. The deductions will have to be allocated between the portion of the home that is rented out and the portion that you live in. Additionally, to take a deduction for the expenses for the part of the home that you live in, you would have to qualify to itemize your deductions.
To itemize your deductions, you would have to have personal expenses such as medical and dental expenses, mortgage interest, real estate taxes, unreimbursed job expenses and certain miscellaneous expenses, and charitable contributions that when combined together, total more than your standard deduction. For example if you file single, your standard deduction is $6300 so you would have to have personal expenses that total more than $6300.
In the rental property section, Turbo Tax asks you questions about your property. Since you are renting out a portion of your house, you have the option of entering all of the expenses such as mortgage interest and property taxes in the rental section and then Turbo Tax will allocate the appropriate amount of each expense as an itemized deduction.
The other option is that you can enter just the portion of each expense that should be allocated to rental property and then manually enter the remaining amount in the itemized deductions section.
To make entries in the rental property section of Turbo Tax, you will need to use the Premier edition:
Yes. The deductions will have to be allocated between the portion of the home that is rented out and the portion that you live in. Additionally, to take a deduction for the expenses for the part of the home that you live in, you would have to qualify to itemize your deductions.
To itemize your deductions, you would have to have personal expenses such as medical and dental expenses, mortgage interest, real estate taxes, unreimbursed job expenses and certain miscellaneous expenses, and charitable contributions that when combined together, total more than your standard deduction. For example if you file single, your standard deduction is $6300 so you would have to have personal expenses that total more than $6300.
In the rental property section, Turbo Tax asks you questions about your property. Since you are renting out a portion of your house, you have the option of entering all of the expenses such as mortgage interest and property taxes in the rental section and then Turbo Tax will allocate the appropriate amount of each expense as an itemized deduction.
The other option is that you can enter just the portion of each expense that should be allocated to rental property and then manually enter the remaining amount in the itemized deductions section.
To make entries in the rental property section of Turbo Tax, you will need to use the Premier edition:
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