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New Member

Do I report Mortgage interest for Rental Property as rental expense or an itemized deduction?

This answer string appears to be the most correct.  TurboTax DOES NOT enter an adjusted mortgage interest amount in Schedule A for the personal use portion of a rental property.  I followed the advice in this string and did my own pro-ration for Schedule A, checking the box that states the amount differs from the 1098 and adding the requested note on the next screen explaining why.  I do find it odd that TurboTax not only does the proration for the real estate taxes, but gives you bold reminders that it has done so; however, the app does not do the same for mortgage interest.

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Expert Alumni

Do I report Mortgage interest for Rental Property as rental expense or an itemized deduction?

You will report the mortgage interest as an expense for a property that is used solely as a rental.  It is not reported as an itemized deduction. 

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New Member

Do I report Mortgage interest for Rental Property as rental expense or an itemized deduction?

"To be clear,  I rented a room (10% of sq ft) in my house for 95 days in 2019. "

Question, so if any expense (x) put is for the entire year (say property tax), the correct portion to be put to schedule E should be x * 10% * (95/365) ?

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Expert Alumni

Do I report Mortgage interest for Rental Property as rental expense or an itemized deduction?

You are correct.  The 10% accounts for the square footage, and the (95/365) accounts for the time it was rented.

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Returning Member

Do I report Mortgage interest for Rental Property as rental expense or an itemized deduction?

where do I report Mortgage interest for Rental Property as rental expense or an itemized deduction?

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Expert Alumni

Do I report Mortgage interest for Rental Property as rental expense or an itemized deduction?

You will report the mortgage interest for your rental property as a expense.

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New Member

Do I report Mortgage interest for Rental Property as rental expense or an itemized deduction?

Where do I enter (and what percentage of) mortgage interest and property tax if my main residence is partially rented (67% rented, 33% personal)? Rental expenses, or deductions?

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Expert Alumni

Do I report Mortgage interest for Rental Property as rental expense or an itemized deduction?

You would enter this information for the rental portion of your house

  1. In TurboTax, search for rentals and then click the "Jump to" link in the search result.
  2. Answer Yes to the question Did you have any rental or royalty income and expenses?
  3. Follow the on-screen instructions as you proceed through the rental and royalties section.
    • We'll first ask you to enter general information about your rental (description, address, ownership percentage, etc.) 
    • Eventually, you'll come to the Rental Summary screen which is where you enter your rental income and expenses, assets and depreciation, and vehicle expenses.

 

If 67% of your personal residence is rented, then you can deduct 67% of the mortgage interest, property taxes, utilities, internet, etc.  You can also depreciated 67% of the cost of the house.

 

The other 33% of the house you enter the property taxes and mortgage interest in the Deductions and Credits, Your Home, Mortgage Interest, in TurboTax.

 

@bruingao

 

 

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