Owner Occupied Rental Property Tax Deductions

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"Generally speaking, this special deduction is allowed against business profits, and does not apply to wages earned by the business owner," according to a January report by Jay Messing and Chris.

The Owner-Occupied Tax Deduction. The internal revenue service treats them as a hybrid of two properties — a personal residence and an investment real estate property — and lets you claim both personal and investment deductions against them. With a good tax strategy, you can use this ability to not only reduce your taxable investment income.

Maximizing your tax deductions is one way to save money at tax time, and if you’re a business owner. But not rental homes,

Private Mortgage Insurance (PMI) is also deductible for landlords, even though it is not usually deductible for individuals who live in owner-occupied homes. 5. Repairs and Maintenance. As the owner of a rental property, there will always be maintenance costs as well as occasional major repairs.

Rental expenses and deductions. If a taxpayer has any personal use of a dwelling that they rent, they must divide their expenses between rental use and personal use. They must divide expenses even if the dwelling doesn’t meet the definition of a residence. They may deduct only rental expenses on Schedule E (Form 1040).

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Personal Deductions. Since your mortgage and your property tax payments cover two properties, you can only write off half of them. If you paid $6,000 a year in property tax on your duplex and paid $31,000 in mortgage interest, you would claim $15,500 as a personal deduction on Schedule A for interest and claim $3,000 worth of property taxes.

 · In an owner occupied rental property, you will need to separate the rental portion of your expenses from the personal portion of the expenses. You will enter the calculated rental portion into the rental section of TurboTax. You cannot deduct any part of the cost of the first phone line even if your tenant has unlimited use of it.

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