465384
You'll need to sign in or create an account to connect with an expert.
Mortgage interest and property taxes are divided between personal (Schedule A, itemized deductions) and rental use (Schedule E) proportional to the number of days used for each and square footage rented
For instance, if you rent out 50% of your floor space, deduct 50% of your property tax and mortgage interest times (days rented /365 ) as a rental expense, and the balance as a Schedule A, itemized deduction.
So, if you rent 50% of your floor space all year, divide the expenses 50-50 between itemized and rental expenses.
So, you will enter a portion of mortgage interest and property taxes in both areas.
Note:You can deduct homeowner's insurance for Schedule E, rental expenses, but not for Schedule A, personal itemized deductions.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
TEAMBERA
New Member
ericbeauchesne
New Member
in Education
catdelta
Level 2
amy
New Member
breanabooker15
New Member