HOME MORTGAGE PAYMENTS - TAX DEDUCTION

[Justin166]

  
HELLO ALL!
Appreciate that the rental income is taxable income and that a pro-rata share of the home expenses can be deducted against this income. Presuming the pro-rata of the expenses should be based on the percentage of the floor plan that is being rented out?
 
The complex question we can't understand is how you deal with mortgage payments.
Is the entire monthly payment also deductible on a pro-rata basis?
-Or does this have to be somehow split between capital and interest portions?
 
It seems interesting though if someone fully owns the house, then there is there no mortgage interest deduction to offset against the rental income?  Or can they claim depreciation etc on the home itself as a deduction?
 
What then if, like most of us! - you partially own your home and partially have finance by mortgage, how then do you deal with the deduction?!
 
Many thanks in advance.

[Ali40]

You need to ask a tax accountant and not the Community Center of Airbnb Hosts.