Thank you so much, this is very helpful! I just want to clarify:
2. Yes, I did enter my entire mortgage interest & real estate taxes on Schedule A. My understanding was that the amounts I enter there must correspond with the 1098 from my mortgage company. But it sounds like you're saying that's not necessary, and that I can split the amount into two different entries (Schedule A / Schedule E), as long as they add up to the 1098 figures -- is that right? In other words, should I enter *only* the personal use portion of those expenses on my itemized deductions, and the rental portion on the Schedule E?
3. You mention that if I define the rental income as not-for-profit: "You only report income that is over and above your expenses in this scenario." So here, my expenses would only be things like professional fees, repairs, supplies, etc., and NOT the mortgage & real estate taxes -- is that right? But again, if I deduct expenses and put the remaining amount on Schedule 1, then it won't match the amount on the 1099-K that I received.
Thanks again, I appreciate your help!
