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Level 1

Deductions for filing married and owner occupied duplex

I own two duplexes (one in which i am currently living in) and am filing jointly/married. Can I deduct the standard deduction ($24,800) and any expenses that I have made for my duplex?  OR - Am I only allowed to claim expenses if I were to do Itemized Expenses vs Standard Deduction?

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Level 15

Deductions for filing married and owner occupied duplex

Rental income and expenses are only reported on Schedule E.  Those expenses are not relevant on whether or not you use the Standard Deduction or Itemized Deductions for personal deduction on Schedule A.

 

Personal itemized deductions on Schedule A are medical expenses, state and local income taxes paid or sales taxes paid, property taxes paid on a personal residence (not used as a rental or in a business),  mortgage interest paid on a personal residence, mortgage insurance paid on a personal residence, charitable donations and certain limited Miscellaneous itemized deductions. 

 

The total of all your itemized deductions on Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.

 

Standard deductions for 2019

  • Single - $12,200 add $1,650 if age 65 or older
  • Married Filing Separately - $12,200 add $1,300 if age 65 or older
  • Married Filing Jointly - $24,400 add $1,300 for each spouse age 65 or older
  • Head of Household - $18,350 add $1,650 if age 65 or older

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Highlighted
Level 15

Deductions for filing married and owner occupied duplex

Rental income and expenses are only reported on Schedule E.  Those expenses are not relevant on whether or not you use the Standard Deduction or Itemized Deductions for personal deduction on Schedule A.

 

Personal itemized deductions on Schedule A are medical expenses, state and local income taxes paid or sales taxes paid, property taxes paid on a personal residence (not used as a rental or in a business),  mortgage interest paid on a personal residence, mortgage insurance paid on a personal residence, charitable donations and certain limited Miscellaneous itemized deductions. 

 

The total of all your itemized deductions on Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.

 

Standard deductions for 2019

  • Single - $12,200 add $1,650 if age 65 or older
  • Married Filing Separately - $12,200 add $1,300 if age 65 or older
  • Married Filing Jointly - $24,400 add $1,300 for each spouse age 65 or older
  • Head of Household - $18,350 add $1,650 if age 65 or older

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