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If I rent a room in my house and claim expenses and deductions in the business section, what personal deductions can I take?

There seem to be lots of great questions about how to enter income / expenses when renting out a room in a home I own, but I can't find the answer to the following question.

If I rent a room in my house and claim expenses and deductions in the business section, what personal deductions can I take?

I entered the correct percentage of expenses in the business section for income, expenses, and depreciation deduction of about 44% of my home (which are the bedrooms that I rent out). So I have already claimed 44% of the interest paid on the house and other expenses. What do I enter when I get to the personal "Deductions & Credits" section? TT doesn't say anything about entering only a portion, so I have entered all of my interest and expenses that are deductible for my house.

Is that correct? Or do I only enter the remaining 56% of the expenses?

Thanks for your help,

Jordan
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1 Best answer

Accepted Solutions
MinhT
Expert Alumni

If I rent a room in my house and claim expenses and deductions in the business section, what personal deductions can I take?

If you rent part of your house, the common expenses must be apportioned between personal use and business use.

You have done it correctly in the rental section.

In the personal section, you can only claim 56% of the deductible expenses (mortgage interest an property taxes).

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2 Replies
MinhT
Expert Alumni

If I rent a room in my house and claim expenses and deductions in the business section, what personal deductions can I take?

If you rent part of your house, the common expenses must be apportioned between personal use and business use.

You have done it correctly in the rental section.

In the personal section, you can only claim 56% of the deductible expenses (mortgage interest an property taxes).

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

If I rent a room in my house and claim expenses and deductions in the business section, what personal deductions can I take?

ok, got it. Thank you.
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