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How do I deduct mortgage interest primary residences switched during the year
Hi,
I have a house since 2021 with mortgage interest on a 700k loan .
In July 2024 I downsized to a condo and rented out the house . The mortgage on the condo is ~500k
Can I deduct the mortgage interest for the house from Jan to July when it was a primary residence and the condo from July to Dec? Or would I need to choose one 1098t form to deduct for schedule A and not both? Can I deduct whatever interest I don't deduct for the rental from July - December to schedule E?
Is there an easy way to do all of this in Turbotax
‎July 21, 2024
8:23 AM