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snoemi
Level 2

refinance from 2016

 

Help again.. please..

 

i converted my home in 2020 to a rental.. before that i lived there for 10yrs.. and refinanced in 2016.. Do i have to add the 2016 refinance data as well?  if so where?

1 Best answer

Accepted Solutions
AmyC
Expert Alumni

refinance from 2016

You will put some of the mortgage interest with the rental house entered on Sch E and the part for when it was your main home, will go in the federal, deductions and credits section for your Sch A.

 

Example:

$6,000 interest

lived in the home 3 months so 3/12 of $6,000 is $1,500 on Sch A

rental home 9 months, so $4,500 on Sch E.

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1 Reply
AmyC
Expert Alumni

refinance from 2016

You will put some of the mortgage interest with the rental house entered on Sch E and the part for when it was your main home, will go in the federal, deductions and credits section for your Sch A.

 

Example:

$6,000 interest

lived in the home 3 months so 3/12 of $6,000 is $1,500 on Sch A

rental home 9 months, so $4,500 on Sch E.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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