I converted my primary residence to a rental on June 28th, meaning I collected first month’s rent on June 28th. This would mean I would claim 7 rent payments (last one would be December 28th) as income, correct? I am asking because December 28th’s payment was technically mostly for January 2020. Lastly, when I enter all my rental property deductions (HOA expenses, mortgage interest, PMI insurance, and general home insurance), do I use 1) 186 days for June 28th to Dec 31st, 2) 7 months since I collected 7 rental payments, 3) or 6 months since they moved in towards the end of June? TurboTax Premier Software also says on the rental property section to enter total costs for HOA fees and mortgage insurance and it’ll calculate the portions for you, so I am not sure when to enter the total costs for the year or just rental portion of the year? Regardless, I need help with how to calculate this since I did not start renting at the beginning of a month. Thank you!
