topic I made over $150,000 in 2017. I have a rental property that was rented 100%. Can I claim the property tax and/or split the mortgage interest on my personal deduction? in Investors & landlords

I made over $150,000 in 2017. I have a rental property that was rented 100%. Can I claim the property tax and/or split the mortgage interest on my personal deduction?

mattkuzz — Thu, 06 Jun 2019 15:05:05 GMT

You can claim the Property Tax and Mortgage Interest dedu...

LisaBr — Thu, 06 Jun 2019 15:05:07 GMT

You can claim the Property Tax and Mortgage Interest deduction on the Rental Property as part of your expenses.

If the Rental Property is also your personal home, then you can allocate the Property Tax and Mortgage Interest based on the days rented if you rented the entire home for a certain number of days in the year. Or the square footage of the rental space.

However, you cannot deduct the Property Tax or Mortgage Interest of your personal home if there is no relationship to your rental property.

The following link describes deductions that can be taken on your rental property:

https://turbotax.intuit.com/tax-tips/rental-property/rental-property-deductions-you-can-take-at-tax-...

I own and live in a different house. Since I make too muc...

mattkuzz — Thu, 06 Jun 2019 15:05:08 GMT

I own and live in a different house. Since I make too much money to deduct all of my expenses since they were more than my income I was hoping I could deduct the property tax on my personal side like it was just a second home. Even though I had it rented 100%.

You can't. Remember that the passive losses are suspende...

Zbucklyo — Thu, 06 Jun 2019 15:05:10 GMT

You can't. Remember that the passive losses are suspended and carried over to future tax years, and become active if you sell the rental.

Or they can be used to offset other passive income if you...

DDollar — Thu, 06 Jun 2019 15:05:11 GMT

Or they can be used to offset other passive income if you have any prior to selling the property.

I can’t carry any over because I make over $150k. Turbo t...

mattkuzz — Thu, 06 Jun 2019 15:05:15 GMT

I can’t carry any over because I make over $150k. Turbo tax says I have -$4,000 for income but $0 are eligible. My thought was if I could move the property taxes over to my personal side I could use all of that as a deduction and I would have a smaller negative on my rental income that still isn’t eligible. Are you saying I can’t do that?

You can't do that. The rental expenses are not personal I...

Zbucklyo — Thu, 06 Jun 2019 15:05:16 GMT

You can't do that. The rental expenses are not personal Itemized deductions.

Even if the house is in my name and not a business?

mattkuzz — Thu, 06 Jun 2019 15:05:18 GMT

Even if the house is in my name and not a business?

Yes. Give it up. You CAN carry over the passive losses...

Zbucklyo — Thu, 06 Jun 2019 15:05:19 GMT

Yes. Give it up. You CAN carry over the passive losses to future tax years, regardless of your income level. Consult a tax professional if you don't like the answers you are getting here.

My son had carried his rental losses forward to recover t...

ghost — Thu, 06 Jun 2019 15:05:21 GMT

My son had carried his rental losses forward to recover them when property was sold.