Live in landlord, how to deduct utilities, property tax, insurance?

[thudson17]

I bought a property last year, I rented to one tenant throughout the year. What %, if any of my mortgage interest, home insurance, and utility costs may I deduct?

[TurboTaxTerry · Accepted solution]

If you are renting out a portion of your personal home prorate the total expenses based on the square footage occupied by the tenant. As an example the total house size is 1500 sq ft and the tenant occupies 50 sq ft in their own apartment. Then you would claim 1/3 or 33% of the total Property Tax, Mortgage Interest, Utilities etc. Claim 100% of any expense that is exclusive to the rental portion of the house such as you painted the rental suite.

[natashajlv]

I have yet to do my 2017 taxes but it will be easy thanks to TurboTax! At the end of January 2017 my husband, 2 kids and myself moved into the basement of our Toronto home in order to rent the main part of our home to another family (not related to us). Please let me know exactly where I am to claim the percentage, once I calculate the amount.