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Level 2
posted Mar 4, 2020 10:30:11 PM

Split Mortgage Interest between Airbnb room, consulting office and home

Hello Again

 

I would like to confirm if the way I am assigning home mortgage interest is correct:

 

Assuming I have 10K on mortgage interest and Airbnb room is 10% of the space and consulting another 10%.

 

I am entering 1K on Schedule E and then another 1K on Schedule C. Then for Schedule A, I entered 8K.

 

I noticed on Schedule C, there is a field for Excessive Mortgage Interest.  Can someone advise if I need to enter something on this field?

 

Thanks in advance.

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1 Replies
Not applicable
Mar 4, 2020 10:38:54 PM

sounds reasonable if you are self-employed and did a home office deduction TT and all other software would allocate the interest based on sq footage of consulting space to the total area of the home.  

be careful so you don't allocate more interest than you pai.   as I said TT using home office would allocate 10% to your consulting business and the balance, 90%, to schedule A so if you enter 10% of interest for B&B you have deducted 110%.