Owner Occupied
I have a duplex which I live in half and rent out half. I am using turbotax web to prepare my taxes. I am claiming half the mortgage interest and property taxes on the rental portion of the return. Can I also deduct the other half of interest, taxes, etc.. on the half I live in under the deductions portion of the return? I dont want to claim too much and get in trouble.
For the residence portion of your duplex, you deduct half of your home mortgage interest and half of your property tax bill on your Schedule A, but only if you itemize your deductions. These are the only deductions you are allowed to take for your residence.
For the rental portion of your duplex, deduct half of your mortgage interest and half of your property tax bill on Schedule E. Other allowed deductions on your Schedule E are other operating expenses specifically allocated to your rental unit, such as (but not limitied to) landlord insurance premium, repairs and maintenance, leasing fees, and advertising costs.
Great Thanks Dave