Live-in Landlord: how to report real estate taxes, mortgage interest, etc. in the rental property section (wages and income) versus in the tax breaks section?

[sdutent]

I purchased my condo in March 2020. I rented out a room in that condo for pretty much the entire year (we each had about 50% of the property).

In the rental property/income section of TurboTax, do I list my FULL real estate taxes I paid in 2020, or do I divide that in two?

Same question with the deductions/credits section of Turbotax: do I list the full prices or should I also divide that in two? I don't want to "double claim."

Thank you!

[ColeenD3 · Accepted solution]

You have a choice of asking TurboTax to do the math or doing it yourself. The program will not automatically put the personal portion on Schedule A.

When you begin your entries, you will be asked what type of rental you have. Click the box that says multi-family. That way you can indicate that it is part business/part personal.

[sdutent]

Thank you.

So if I report personal days/rental days, it will automatically calculate the appropriate amount of interest tax etc. that I should report?

And if I split the unit with a tenant, is that considered a rental day, a personal day, or half of each?

[ColeenD3]

So, in your situation, did your tenant live there all year? Was it only part of the time? Any part of the year where there was no tenant, it is strictly personal use. So, you are going to have to divide space for the time she was there and also take into consideration the time. Any common areas are personal. 

In going through the program this year, I haven't run across it asking if you want TurboTax to do the math. It may be up to you. 

Please see this LINK for more information. 

• Rental of property also used as your home.