You'll need to sign in or create an account to connect with an expert.
The total interest remains the same, you can break it up to allocate a portion of the allowed amount to your office.
Publication 587 (2020), Business Use of Your Home | IRS states: If you itemize your deductions on Schedule A (Form 1040), only include the personal part of your deductible mortgage interest on Schedule A (Form 1040), line 8a or 8b. The personal portion of your home mortgage interest will generally be the amount of deductible home mortgage interest you figured when treating all home mortgage interest as a personal expense and applying the Schedule A (Form 1040) limits on deducting home mortgage interest, reduced by the business or rental portions deducted or carried over as a business or rental expense on Schedule C, E, or F, or any form other than Schedule A. Home mortgage interest that exceeds the amount you figured after applying the Schedule A (Form 1040) limits on deducting home mortgage interest is not deductible as a personal expense.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Loudspeaker1999
Returning Member
Loudspeaker1999
Returning Member
debjit21
New Member
chunhuach
Level 1
suzgall
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.