Can I report Mortgage interest for Rental Property as personal itemized deduction?

Forum|Forum|3 years ago
October 15, 2022
2 replies
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I rent out a studio located on my primary residence that I reside in. I will incur a nonallowed loss from the rental income this year. Can I claim the full mortgage interest and property taxes in the personal section to maximize my refund?

TurboTax Business Windows

Critter-3

Yes in a way ... but you must enter ALL of the common expenses in the Sch E section and the program will transfer the personal portion to the Sch A for you. You cannot pick and choose where you can enter tax items, you must follow the rules. Read up on them here ... focus on chapter 4 : https://www.irs.gov/pub/irs-pdf/p527.pdf

Carl11_2

Employee

No, you can't claim the "full" mortgage interest on SCH A. A percentage of that interest equal to the percentage of floor space rented, has to be claimed on SCH E. The remainder is a SCH A deduction.