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I purchased a duplex and live in half of it and have losses for the other half. Where and how would I enter these losses?

Forum|Forum|7 years ago
June 5, 2019
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Best answer by Marketstar

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.

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 expenses, and 50% of the property tax and mortgage interest as an Schedule A, itemized deduction.

So, you will enter a portion of mortgage interest and property taxes in both areas.

M

MarketstarAnswer

Employee

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.

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 expenses, and 50% of the property tax and mortgage interest as an Schedule A, itemized deduction.

So, you will enter a portion of mortgage interest and property taxes in both areas.