I rent out 3 room in my primary residents and earn a rental income. Do i file schedule E only for my property and rental income or do i file schedule A and E together

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June 4, 2019
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I rent out 3 room in my primary residents and earn a rental income. Do i file schedule E only for my property and rental income or do i file schedule A and E together?

am i allowed to file both together while submitting both mortgage interest, pmi, property taxes, on each schedule form or separately, or am i suppose to select one schedule form to file? probably schedule e? only?

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Best answer by Marketstar

Mortgage interest, property taxes, and mortgage insurance are divided between personal (Schedule A, itemized deductions) and rental use (Schedule E) proportional to the number of days used for each and square footage rented

For instance, if you rent out 50% of your floor space, deduct 50% of your property tax and mortgage interest (and mortgage insurance) times (days rented /365 ) as a rental expense, and the balance as a Schedule A, itemized deduction.

If you rent 50% of your floor space all year, divide the expenses 50-50 between itemized and rental expenses.

So, you will enter a portion of mortgage interest and property taxes in both areas Schedule A, itemized deductions, and Schedule E, rental income and expenses

MarketstarAnswer

Employee

If you rent 50% of your floor space all year, divide the expenses 50-50 between itemized and rental expenses.

So, you will enter a portion of mortgage interest and property taxes in both areas Schedule A, itemized deductions, and Schedule E, rental income and expenses