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Question

If rental property(renting a room) is my own home where I live can I still use schedule E,by using allocation (15% renting) property taxes and interest doubling up,help

Forum|Forum|7 years ago
June 4, 2019
1 reply
6 views

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TurboTax Premier Online

Level 15

If you are renting part of your home, you must pro-rate mortgage interest and property taxes between rental use and personal use. In your case, if 15% of your home is rented out, you should enter 15% of mortgage interest and property taxes as rental expenses in the Rental section of Turbotax, and 85% in the Deductions & Credits section.

Do not enter the full amounts in both sections as this would be double-dipping.

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