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Should I enter my real estate taxes, insurance, and interest from my 1098 on my personal deductions and on the rental property deductions? (I rent rooms in my house)

 
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2 Replies
Carl
Level 15

Should I enter my real estate taxes, insurance, and interest from my 1098 on my personal deductions and on the rental property deductions? (I rent rooms in my house)

If you  use the program the way it is designed and intended to be used, then the program will take care of the splits "for you" if you elect the option to have the program actually do it for you.

Then you have to "BE CAREFUL" when you get to the "Your Home" section under the deductions & credits tab and *DO NOT* enter the 1098 information in that section, since the program will already have the pro-rated amount in there for you.

Just read the small print and you'll see it will have it accounted for on SCH A for you already.

 

AlexanderS08
Expert Alumni

Should I enter my real estate taxes, insurance, and interest from my 1098 on my personal deductions and on the rental property deductions? (I rent rooms in my house)

No, you cannot claim a double benefit. You need to allocate in proportion to the space you rent out. For example, if you rent out about half the square footage then you would report half in the schedule E.

 

But like Carl says, be careful! Because the program can also do it for you if you are very careful with how you answer the questions.

 

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