rental room in condo

3 replies
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I have a question for the live-in landlord(3 rooms, 2 rents), how does the live-in landlord file the blank 2 of the personal use days?(If I write more than 14, it could not deducate; but if I write 0, the address is the same as my mailing address)

and what the type of property for the condominium? (there is only single family / multi family.) Do I also need to file the schedule A for my own partial mortgage interest deduction?

And I and my husband are both of the owner of the property, also both are listed in mortagate. Could we separate the mortgage interest/depreciation and rental income randomly or equally?

Thank you so much for any help!

ColeenD3Answer

Alumni - Intuit

1) how does the live-in landlord file the blank 2 of the personal use days? You don't. You are dividing by space, not by time. This is not a vacation home.

2) and what the type of property for the condominium? (there is only single family / multi family.) Multi family.

3) Do I also need to file the schedule A for my own partial mortgage interest deduction? Yes and the property taxes, too.

4) Could we separate the mortgage interest/depreciation and rental income randomly or equally? Divide by the square footage. Any common areas count as personal space.

If the screenshot below appears, choose the fourth option.

ColeenD3Answer

Alumni - Intuit

1) how does the live-in landlord file the blank 2 of the personal use days? You don't. You are dividing by space, not by time. This is not a vacation home.

2) and what the type of property for the condominium? (there is only single family / multi family.) Multi family.

3) Do I also need to file the schedule A for my own partial mortgage interest deduction? Yes and the property taxes, too.

4) Could we separate the mortgage interest/depreciation and rental income randomly or equally? Divide by the square footage. Any common areas count as personal space.

If the screenshot below appears, choose the fourth option.

turbGuyAuthor

Level 2

Hi ColeenD3,

Thank you so much for your help. the first 3 answers are clear! I think I describe the last question unclearly.

Because I and my husband are also on the title and also responsible for the mortgage payment. Could we separate the loss and income randomly or equally with my husband's tax form(we are reporting the tax separately)? Appreciated for the help so much!!!

ColeenD3

Alumni - Intuit

See this reply from DianeW:

If the rental property is in both names and you file separately you can split the rental income and all expenses in half if a joint account is used to receive rents and pay expenses. You could also decide to choose who will claim the rental property on their return.

If an account owned by only one of you is used for the rental activity and/or the rental is only in one of your names, that person should claim the rental activity.

If you live in a community property state, you will be required to provide additional information regarding your spouse’s income.