If I am taking the standard deduction do I need to include the home I rent out (the mortgage interest as well as the rent income? I dont qualify to itemize.

Forum|Forum|6 years ago
June 3, 2019
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Carl11_2

Employee

Rental income is a form of business income, and has nothing what-so-ever to do with your standard deduction. All rental income and expenses are reported on SCH E as a part of your personal tax return, and deductible rental expenses have nothing to do with your standard deduction, or itemized deductions on the SCH A.

lepez111

So if you have say $1000 in property taxes and renting our 35% of your residence, do you write off $350 on schedule e to offset rental income and also get to claim the standard deduction?

Carl11_2

Employee

Your rental income, expenses and depreciation have nothing what-so-ever to do with your SCH A itemized deductions in any way, shape, form or fashion. All rental activity is reported on SCH E. Nothing concerning the rental activity goes anywhere else on your return.