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nhasbrou
New Member

I have owner occupied rental income. Do I put full mortgage interest, property taxes in both my deduction portion for personal and full mortgage interest and property taxes in my schedule e rental inc

 
2 Replies
ColeenD3
Expert Alumni

I have owner occupied rental income. Do I put full mortgage interest, property taxes in both my deduction portion for personal and full mortgage interest and property taxes in my schedule e rental inc

When you say owner-occupied rental income, do you mean that you rent out a portion of your own home? If so, you can only deduct a prorated amount of these expenses on Schedule E. You must prorate by square footage. You would put the prorated personal portion on Schedule A.

MNYL
Level 3

I have owner occupied rental income. Do I put full mortgage interest, property taxes in both my deduction portion for personal and full mortgage interest and property taxes in my schedule e rental inc

HI Sir or Madam,

 

I would like to ask additional question from this original question.  So if the owner rents out part of its property.  Schedule A will show the prorated tax portion for personal and Schedule E will show prorated tax portion for the rental.  For the section under "Deduction and Credit", when it asked "enter any additional property tax you paid", the "property tax on your main home" section should leave blank, correct?  If there is a line saying the personal portion of the property has been deducted the prorated amount (e.g. $XXXX).

 

In additional, under "Deduction and Credit", Mortgage interest should just enter the portion for prorate personal portion ?  Even when the form asked to enter in all mortgage interest information from Form 1098 (all box info)?  The amount shown already include the personal portion from Schedule E (even without entering Box 1 from Form 1098).  Please advise.  

 

Thank you for the assistance!!

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