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Investors & landlords
1. In the Mortgage Interest/credit section, should I enter a prorated interest/property tax I paid for 9 month I lived, not full year? You would include 3 month's worth on Schedule E and the balance on Schedule A.
2. In the Income section, day rented should be 90 days and Personal use should be 0 since I didn't live when the tenant lived. Yes.
3. In the Income section, I believe that Turbotax automatically calculates a prorated interest/property tax for 90 days. Yes, but I prefer to do it manually.
4. Because I moved back in, I don't qualify to deduct some expenses, e.g., repair, HOA, depreciation. Correct, these are only expenses while it is producing income.
March 25, 2022
4:12 AM