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Investors & landlords
In the final year, you are safer doing the division of expenses yourself. Make sure you say the property was used 100% for business, meaning there was no personal use until after the conversion date. The plumbing expense is not deductible but the exterminator would be. Property taxes you would also allocate yourself, entering the correct amount for the personal use period under Property tax in Deductions and credits. Insurance is not deductible for personal use, so you enter that share only under rental expenses.
‎June 6, 2019
2:50 AM