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Investors & landlords
Thanks you so much AmeliesUncle! I have zero'd the 'home' interest and tax.
Can you comment on if it is appropriate to enter 'zero' as personal use days as Carl has replied? If I do this, my return goes way up as I end up with a loss on the rental. Carl says that zero for personal use is appropriate because I have removed the house from renting and is therefor not personal use. Of course the whole year's 1098INT and property tax is then expensed against the rental and allocating this much mortgage interest to the rental puts me below the itemized/standard deduction threshold... zero personal use or not, either way my 1098int won't be itemized.
‎April 9, 2020
5:36 PM