refinance from 2016

Forum|Forum|5 years ago
May 14, 2021
1 reply
19 views

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?

Best answer by AmyC

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.

AmyCAnswer

Level 15

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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