Thanks @Carl .
What is a bit more difficult for me on the Schedule A side is this is not just one home, but across 2 homes. My new primary home mortgage and what is leftover of the rental home interest. We moved from one home to the new home, and rented out the old one mid year.
Let's say for example, my primary home outstanding mortgage is 500k let's say. And the outstanding mortgage on the rental is 400k. I think what I would do is maintain the full mortgage interest of the new primary home. And calculate the proportion of the now-rental home interest subjected to the limit like this:
750k-500k = 250k.
250k/400k multiplied by the remaining interest of the now-rental property home that I would use in the schedule A.
Does that seem right? Or any thoughts?
Also since you mentioned it a the end, when I split out the interest applied to schedule E vs schedule A, do I need to do the actual interest per the amount of interest that happened in each monthly payment or is it ok to do a more crude calculation (i.e total annual interest multiplied by # of days rented/ 365).
