AirBnB room rental in owner occupied home - how to apply taxes

[Anonymous]

I made less than $20,000 and rented one bedroom in my home for 143 nights. I have an earnings summary amount (reported from Airbnb) that I applied as my income/wages.

This is the home I also live in 365 days a year.  I received two 1098 forms from my Lenders with "mortgage interest received" and "mortgage insurance premiums" on them.. Where all do I put my mortgage interest received and mortgage insurance premiums?

When I am under the wages/income tab (sched E rental)-- under "report mortgage interest," it asks for "lender's name and interest paid" and states to "enter all information for this property reported on form 1098." however, later on I get into the deductions part and it asks for the same information for the "home loan deduction summary." Is it correct for me to put those same numbers in each income/deductions? It drastically changed my return amount.

[VictorW9]

You should only put it in just one place. So long as you apportioned the rental days and personal use days in schedule E, then Turbo Tax should apportioned the mortgage payments and points appropriately.

[H458]

This answer is not nearly as clear to many of us as it is for the person answering, because we understood the answer regarding personal use and rental -- that was clear -- but we don't have the key answer we need about how to enter what portion of such things as whole-house expenses like heating, electricity etc., nor even this question of property taxes in a fully clear way.  It's like I will basically have to review all the worksheets and do all of the work myself, to figure out what TurboTax did, and then try to guess what to enter where.

See?  It's a serious failure for TurboTax about owner occupied rental of rooms, in that we buy TurboTax in order to reduce our work, not just actually do more work than we would have....

[DaveF1006]

i think you are making this more complicated than you need to. In this case, you would enter all of the house expenses and the expenses then should properly allocate to the rental space in your home, if you entered the square footage of the room correctly in the program. 

Please review this Turbo Tax tax link for detailed instructions on how to do this.