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I'm being asked to provide my real estate tax and mortgage interest as a rental expense, but I already reported these under itemized deductions. Is this correct?

 
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2 Replies
DexterS
New Member

I'm being asked to provide my real estate tax and mortgage interest as a rental expense, but I already reported these under itemized deductions. Is this correct?

If you are renting out part of your home you should be splitting the expenses proportionately between your rental activity and your personal expenses.

Determine what the proper percentage of rental use is.

Reduce your Schedule A deductions by that amount and then put it on your rental activity (Schedule E) 

I'm being asked to provide my real estate tax and mortgage interest as a rental expense, but I already reported these under itemized deductions. Is this correct?

I rented out my property starting in Aug through 31 Dec. I rented for 135 days and lived in the home for 230 days prior to renting it out. I entered 135 as days rented at fair market value and 230 for personal use, but the follow on questions pertain to aligning expenses to the part rented.  Should I enter 0 for personal use since I rented out the entire house starting in Aug and plan to rent it out for at least 12 months?

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