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Deductions & credits
Form 1098 is an informational form used to prepare your tax return. The IRS does not match what is on your Form 1098 to what is reported on your tax return, Many taxpayers who receive Form 1098 never report it on their tax returns
The mortgage interest for the property you converted to a rental will be reported on Schedule E. You will apportion that amount of interest by adding all the interest reported against the property for the entire year and then allocate the amount that was paid after it became a rental property. The remaining balance can be used as an itemized deduction on Schedule A
This link Publication 936 (2021), Home Mortgage Interest Deduction has information you may find helpful.
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March 7, 2022
3:13 PM