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House converted to rental and refinanced in same year. How to deduct the qualifying insurance premium with a USDA and a conventional loans?
We converted a personal residence to a rental in July. We also refinanced the house in July. The first loan was a USDA loan and had a mortgage insurance premium. The second load was conventional and did not have a mortgage insurance premium.
Do I choose that both lenders had Qualified Mortgage Insurance Premiums since TurboTax is already splitting the premium between personal and rental use days? Or, do I only choose the qualified mortgage insurance premium option for the USDA loan even though it does not ask which loan covers the rental days?
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March 14, 2021
1:41 PM