Thanks. @AnnetteB6 would you explain why “The period of time you lived in it prior to converting it to a rental do not count as personal days since it was not yet a rental property.” ? Shouldn’t it count as personal days? Confused.
To make it easier, let’s say the whole year interest is 6000 and the whole year property tax is also 6000. It’s my primary home for the first 9 month until 2022.9.30 and rented it out from 2022.10.01 until the end. I moved in to my new primary home at the same time on 2022.10.01. Can I say the follow:
- Claim 4500 interest and 4500 property tax as personal (deduction and credit part) in Schedule A. Also, I can add on the new primary home’s interest and property tax here for 2022, right?
- Claim 1500 interest and 1500 property tax as expense in Schedule E.
In Schedule E, when I provided the rental date and whole year interest and tax, I see TurboTax automatically calculates the percentage portion which belongs to rental. Does it mean it at the same time automatically adjusts the portion belong to Schedule A? I provided the same full year interest and property tax when filling schedule A. Or should I manually reduce the interest and tax belong to Schedule A? This is something I’m not sure.
Thanks a lot.
