- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
I converted home to rental property halfway through the year. What's the proper way to claim mortgage interest?
Topics:
June 6, 2019
4:53 AM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Investors & landlords
Mortgage interest and property taxes are divided between personal (Schedule A, itemized deductions) and rental use (Schedule E) , proportional to the number of days used for each.
If for example, the home was your personal residence until June 30, 2016, and you converted the home to a rental property on July 1, 2016, you would divide the mortgage interest and property taxes "50-50" between home (Schedule A) and rental (Schedule E)
June 6, 2019
4:54 AM
Anonymous
Not applicable
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Investors & landlords
Some answers say we have to manually prorate, which would set up a flag that the 1098 doesn't match what was actually reported. When I look at the forms TT prorates for you based on days rented. Very confusing and no consistent answers. Please help!!
June 6, 2019
4:54 AM