Sorry, allow me to provide proper context. The depreciation on my Schedule E does show 0 for the following property, but not on Form 4562.
I own a property that I moved into July 2022. On May 31, 2023, I moved out of the property. It was vacant for several months and finally was leased to a tenant for residential purposes on October 27, 2023.
The property tax for the year is about $10,834.81, and the mortgage interest is $27,545.29.
I had noted 151 personal use days on my Schedule E. My understanding is that this would be incorrect, as I did not use the property for personal use when I began renting it. Rather, I LIVED in it as my primary residence for 151 days before vacating and eventually leasing. According to the TurboTax instructions, this should make my personal use days 0 for the purposes of Line 2, Schedule E.
Because the portion of the taxes and interest for the time I lived there would equal $4514.50 and $11,477.20, respectively, do I need to modify my Schedule A to reflect these numbers? At the moment, my Schedule A lists $19,711 for Line 5b, State and local real estate taxes, and $50,109 for Line 8a, Home mortgage interest (I have no points involved). These numbers do NOT look right!! I think there is some double dipping happening that I did not intend. I remembered electing to use the tax court method when I first added the property, so I think I am somehow itemizing the full year's worth plus 10/12 months, roughly.
Please help!
@KrisD15
