If I have no Mortgage on my home can I deduct Property Taxes paid in full?

[pesj-bns-2023-]

Have no mortgage interest can i deduct property taxes?

[HopeS]

Yes, you can deduct Property Taxes if you are still taking the Itemized Deductions on Schedule A. 

If your total Schedule A deductions including Property Tax, Charitable Contributions, medical expenses, etc, exceed the 2022 Standard Deduction limit then yes you should be able to deduct your property tax.: The Standard  Deductions limits for 2022 are:

• single taxpayers: $12,950
• Married taxpayers filing a joint return: $25,900
• Heads of household: $19,400

@pesj-bns-2023- 

[mayema1]

I'm trying to figure out where to enter property taxes and insurance on my home that's paid off.   I can't find where.

[BillM223]

To enter your property taxes (especially with no mortgage interest), go to Deductions & Credits->Your Home->Property (Real Estate) Taxes and click on Start or Revisit.

Homeowners insurance is not deductible on your primary home.

[mayema1]

I had a renter in my primary and carried insurance on my 2nd home that was empty.  Can I deduct those?

[BillM223]

You can deduct the insurance on the house you are renting (so it's not your "primary" house, it's a rental that you file a Schedule E on). You can't deduct the insurance on the second home unless you can show that it's available for rent (and so will have a Schedule E).

[mayema1]

It is my primary.  I lived here also.  I only rented a room in my primary.

[BillM223]

You cannot deduct your homeowners insurance for your primary, EXCEPT to the extent that you are renting out part of it. Then on Schedule E you can deduct a portion of your homeowner's insurance in proportion to the square footage you are renting out.

[mayema1]

It asks how many days renter occupied and I entered 274.  I also lived there the full year but it will only allow up to 365 so I entered 91.  Upon review it is telling me it should not be more than zero days.   Now it's also asking for % of rental use.  How do I figure that out?

Thank you!

[DawnC]

Enter 0 for personal days.   It is only asking about the room you rent, not the entire house.  And you don't count the days before the renters moved in or after they moved out.  The following are NOT treated as personal use days:

* days a member of your family used the property as their main home and paid a fair rental price

* days used full-time for repairs and maintenance (even if a family member also used it at the same time for personal purposes)

* days you used the dwelling as your main home before (or after) renting it, if:
 1) the unit was rented for 12 months or more or will be.

 2) the dwelling unit was not rented for 12 months or more but was sold.

I am assuming you said yes to the option to Let TurboTax calculate your expense deductions...  In that case - Your rental percentage is the percentage of your property that you're renting out. To figure out your rental percentage, divide the square footage of the portion you're renting out by the total square footage of your property.

Example: Serafina is renting out a room that's 140 square feet. The total square footage of the property is 1,400 square feet. 140 divided by 1,400 is 0.10 or 10%. This means Serafina's rental percentage is 10%.   @mayema1