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Deductions & credits
Your figures, in terms of allocation, are correct but the 7% allocated to Schedule A (investment interest) is a miscellaneous itemized deduction which will be disallowed as a result of the TCJA (tax reform).
Having used the property for personal purposes less than 10% of the fair rental days (and also less than 14 total days) means you did not use the property as a residence and, therefore, the interest not allocated to rental use is not considered qualified home mortgage interest.
‎June 1, 2023
8:21 AM