topic I rented my residence out as an Airbnb for 17 days last year. Do I need to report that income and can I deduct my mortgage insurance, taxes and interest from that income in Investors & landlords

I rented my residence out as an Airbnb for 17 days last year. Do I need to report that income and can I deduct my mortgage insurance, taxes and interest from that income

harnden — Tue, 04 Jun 2019 22:37:12 GMT

This answer is very helpful. Just to clarify. I had alrea...

harnden — Tue, 04 Jun 2019 22:37:13 GMT

This answer is very helpful.
Just to clarify. I had already deducted my MIP, interest and taxes from my overall income because I live int he house I rent. . Are you saying I can take it again under this specific income?
Also, I upgraded my kitchen and bathroom this year. Can I deduct those expenses as well?

Yes , since you rented your home for more than 14 days, y...

AnnetteB — Tue, 04 Jun 2019 22:37:15 GMT

Yes , since you rented your home for more than 14 days, you do need to report the income on Schedule E. You will be able to deduct a portion of your mortgage interest, property taxes, and insurance as a rental expense.

Use these steps to get started with Schedule E:

On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)
This opens a box where you can type in “schedule e” (be sure to enter exactly as shown here) and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
The search results will give you an option to “Jump to schedule e”
Click on the blue “Jump to schedule e” link

Click the following link for more guidance about your rental income and expenses:

https://turbotax.intuit.com/tax-tools/tax-tips/Rental-Property/Renting-Out-a-Room-on-Airbnb-or-FlipKey--How-Much-You-Owe-in-Taxes/INF29360.html