topic If I rented my home for part of the year how do I claim real estate insurance and taxes? Should I claim it under real estate income or under mortgage interest deduction? in Deductions & credits

If I rented my home for part of the year how do I claim real estate insurance and taxes? Should I claim it under real estate income or under mortgage interest deduction?

jmac1282 — Tue, 04 Jun 2019 23:45:40 GMT

Mortgage interest and property taxes are divided between...

Marketstar — Tue, 04 Jun 2019 23:45:41 GMT

Mortgage interest and property taxes are divided between personal (Schedule A, itemized deductions) and rental use (Schedule E) proportional to the number of days used for each and square footage rented

For instance, if you rent out 50% of your floor space, deduct 50% of your property tax and mortgage interest times (days rented /365 ) as a rental expense, and the balance as a Schedule A, itemized deduction.

So, if you rent 50% of your floor space all year, divide the expenses 50-50 between itemized and rental expenses.

So, you will enter a portion of mortgage interest and property taxes in both areas.

Note:You can deduct homeowner's insurance for Schedule E, rental expenses, but not for Schedule A, personal itemized deductions.

For the same case where i rented out one room for three m...

watched730 — Tue, 04 Jun 2019 23:45:43 GMT

For the same case where i rented out one room for three months. When filling out the rental expenses on the web, it prompts for box 1 of the 1098 for mortgage interest should I be entering the adjusted mortgage interest based on equation above.

Or will there will be a separate prompt to compensate for the fact it was only part of the house?

Similarly the personal deductions prompts for all the boxes on the 1098. Should I be putting adjusted amounts there as well?

Same problem here -- hoping for an answer.

anon1231 — Tue, 04 Jun 2019 23:45:44 GMT

Same problem here -- hoping for an answer.