@Carl @AmeliesUncle
Thank you for the great answers. Really appreciated! I have peace of mind after reading your detailed comments. This was a great learning experience. Below are the major takeaways through this long thread.
- Rental property depreciation must be reported
- Rental days vs Personal use days
- Prorated split of mortgage interest and property tax between Sch A & Sch E
- Form 4562 for depreciation
- Form 8582 for Loss
