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If you itemize your deductions on Schedule A (Form 1040), Itemized Deductions, you may still be able to deduct your personal portion of mortgage interest, property taxes, casualty losses, and rental expenses from federally declared disasters on that schedule. However, you may be able to carry forward some of these rental expenses to the next year, subject to the gross rental income limitation for that year. You won't be able to deduct your rental expense in excess of the gross rental income limitation (your gross rental income less the rental portion of mortgage interest, real estate taxes, casualty losses, and rental expenses like realtors' fees and advertising costs). If you use the dwelling unit for both rental and personal purposes, you generally must divide your total expenses between the rental use and the personal use based on the number of days used for each purpose. Dividing Expenses between Rental and Personal Use
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In this case, don't report any of the rental income and don't deduct any expenses as rental expenses.
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There's a special rule if you use a dwelling unit as a residence and rent it for fewer than 15 days.
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For information on these limits, refer to Publication 925, Passive Activities and At-Risk Rules. Your rental losses, however, generally will be limited by the "at-risk" rules and/or the passive activity loss rules. If you're renting to make a profit and don't use the dwelling unit as a residence, then your deductible rental expenses may be more than your gross rental income. Tax Return for Seniors and on Schedule E (Form 1040), Supplemental Income and Loss. Individual Income Tax Return or Form 1040-SR, U.S. You'll generally report such income and expenses on Form 1040, U.S. These expenses, which may include mortgage interest, real estate taxes, casualty losses, maintenance, utilities, insurance, and depreciation, will reduce the amount of rental income that's subject to tax. If you receive rental income for the use of a dwelling unit, such as a house or an apartment, you may deduct certain expenses.