How to Break Out the Property Taxes Between a Rental Property & Primary Residence
The Internal Revenue Service applies special rules to deduction of rental expenses if you rent a dwelling that's also used as your home. A dwelling is your home residence if you use it for personal purposes during the tax year for more than 10 percent of the total days it's rented to others at a fair rental price. However, you must have at least 14 days of personal use for it to qualify as a home. For example, a dwelling is your home residence when you live there for 15 days and rent it for fewer than 150 days. A dwelling used for both personal and rental purposes requires dividing all expenses -- such as property taxes -- based upon the number of days for each purpose.
Instructions
- 1
Calculate the number of days that the property was occupied by a tenant as rental property during the year.
2Total the number of days of personal use of the property as a residence. Include any days the property was used by family and friends for no rent income.
3Add the number of rental property days to the number of personal use days to determine the total days the property was used.
4Divide the number of personal-use days by the total days the property was used. This is the percentage of use as a personal residence.
5Multiply total property taxes paid by the percentage of use as a personal residence. This is the portion of property taxes allocated as personal expense. The remainder is rental expense for federal income tax purposes.
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