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Investors & landlords
There is a way you can fix this, but it involves more work, which is for you to manually calculate the items that apply both to the property as a personal residence and a rental property - property taxes, mortgage interest on the personal side, and those two plus insurance, maintenance and repairs, depreciation on the rental side.
You deduct property taxes and mortgage interest on Schedule A for the period of time in which the property was a personal residence. When you set up the rental, make sure you say that it is 100% rented - because that is accurate for the time after it was converted to a rental. Then, enter property taxes, mortgage interest, insurance, repairs and maintenance, etc. for the time it was a rental.
You deduct property taxes and mortgage interest on Schedule A for the period of time in which the property was a personal residence. When you set up the rental, make sure you say that it is 100% rented - because that is accurate for the time after it was converted to a rental. Then, enter property taxes, mortgage interest, insurance, repairs and maintenance, etc. for the time it was a rental.
‎June 4, 2019
6:15 PM
7,475 Views