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1098 question because I rent out 2/3 of my home

Forum|Forum|7 years ago
June 1, 2019
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Do I only out 1/3 of the amounts listed on my 1098 because I rent the other 2/3 of my house ou.

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Best answer by MinhT1

If you rent out 2/3 of your home, the deduction for mortgage interest must be allocated between personal use (1/3) and rental use (2/3).

You will claim 1/3 of the interest on Form 1098 as home mortgage interest in the Deductions & Credits section (Mortgage Interest, Refinancing, and Insurance). The remainder (2/3) will be listed as an expense in the Wages & Income section (Rental Properties and Royalties (Sch E)).

M

MinhT1Answer

If you rent out 2/3 of your home, the deduction for mortgage interest must be allocated between personal use (1/3) and rental use (2/3).

You will claim 1/3 of the interest on Form 1098 as home mortgage interest in the Deductions & Credits section (Mortgage Interest, Refinancing, and Insurance). The remainder (2/3) will be listed as an expense in the Wages & Income section (Rental Properties and Royalties (Sch E)).

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