tab20
Level 1
This widget could not be displayed.

The tenant is renting one room in a four bedroom house, but has full access to kitchen, living room, etc.

Rental income was $7,350.  It seems that Pro Series only is offering an all  (loss of $5,107) or nothing (all carryforward to 2022) scenario. It allows the loss (it allows the loss if I check “G-Other Passive Exceptions”). However, I believe per Worksheet 5-1, we can deduct direct rental expenses on top of rental portion of home mortgage interest and r/e taxes (in this case $8,307), and that we would carry forward the allowable expenses $2,476 (includes insurance and HOA fees) related to operating and maintaining the dwelling unit along with the rental portion of depreciation $1,674.

0 Cheers