Carl
Level 15

Investors & landlords

Actually, it depends on what you select.

If you elect to have the program do the splits and pro-rate for you, then you will enter the *total* amount of property tax paid, and the *total* amount of mortgage interest paid. Then the program will do the splits for you, allocating mortgage interest and property taxes to the SCH E for the period of time it was a rental, and to the SCH A for the period of time it was personal use.

But regardless of what you select, you will have to pro-rate the insurance manually yourself. Remember, you can only deduct the property insurance on the SCH E for the period of time it was a rental. Insurance for the period of time it was personal use is not deductibe anywhere on your tax tax return.

So whenyou get to the Deductions and Credits tab and start working through the "your home" section, make sure to read the small print on "EVERY" screen. Especially if you elected to have the program do the splits for you, as that small print will matter, big time.