Splitting rental and primary home expenses

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T85
Posts: 7
Joined: Tue Mar 12, 2013 11:15 pm

Splitting rental and primary home expenses

Post by T85 » Sat Mar 01, 2014 10:46 am

Hi everyone,
2013 was the first year I rented out my condo and I am allocating mortgage interest and property taxes between schedules A and E. Personal / rental split was 55% rental / 45% personal. I am using TaxAct online and am trying to input the prorated amounts for each in the respective schedule (i.e., 45% of mortgage interest and property taxes on Schedule A and the remainder on Schedule E), but it's not allowing me to do that. It seems to be double counting the expenses on both schedules. When I enter the number of personal vs. rental days, do I then enter the same total mortgage interest and property tax numbers in both schedules? By the way, I am following their question guides (not not sure how to complete manually). I had assumed that by following their questions, it would automatically split out the portion that goes on Schedule A vs E. But it does not seem to be doing that. I'm confused because my mortgage interest is 1.5x more on Schedule A than the actual dollar amount per 1098, and that additional 0.5x amount isn't the amount sitting in schedule E. Any input would be very helpful on how to handle this. Thanks so much!

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damjam
Posts: 837
Joined: Thu Mar 25, 2010 7:46 am

Re: Splitting rental and primary home expenses

Post by damjam » Sat Mar 01, 2014 12:00 pm

Your best bet it to look at the TaxAct help.
Look here.

The allocation of expenses between rental and personal must always be done by hand and entered on the appropriate schedule (A or E).

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