Thank you so much for your reply. I really appreciate the thoroughness.
So let me reiterate what I feel you are indicating:
a) even if I received $1,000 on December 31, 2019, for January 2020 rent, I would claim it in my 2019 taxes. Correct?
b) understood
c) yes, I put it for rent in January 2019, even though I lived in it until I rented it out mid year. Can you further explain "personal use limits" as it pertains to my example? How would it effect what I put for mortgage insurance on rental property deductions vs my personal deduction?
d) how do I determine the allocation? Do I use 7 months because I collected 7 payments (June 28th-Dec 28th)? Or do I use 186 days [(186/365) * HOA payment]?
e) I pay pest control bimonthly. Same question as above? Do I only claim whatever payments were paid after it was rented?
g) if I paid $10,000 in mortgage interest in 2019, how do I determine the allocation? (refer back to my similar question on d)
Lastly, after I enter all the above. I would use the remaining amount (total minus whatever I put for property rental deduction) to enter into my personal deduction for mortgage interest, PMI, and property taxes, correct?
Sorry for the lengthy question. First time renting out a property.
