03-20-2006, 08:37 PM
Speaking on income reporting questions - or writeoffs, as the case may be - anybody renting a room or a house out and have their taxes already figured?
I was renting a portion of the house all year (we'll say 50% for mathematical ease), and then renting the whole house for five months. I lived in the house for seven months. As far as deducting mortgage interest, taxes, and the like, do I calculate it:
(taxes & interest)*(5/12)
+ (taxes & interest)*(50%)*(7/12)
==================================
total deduction
Or can I write it all off on Schedule E since it was rented all year?
I was renting a portion of the house all year (we'll say 50% for mathematical ease), and then renting the whole house for five months. I lived in the house for seven months. As far as deducting mortgage interest, taxes, and the like, do I calculate it:
(taxes & interest)*(5/12)
+ (taxes & interest)*(50%)*(7/12)
==================================
total deduction
Or can I write it all off on Schedule E since it was rented all year?