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How to properly report rental expenses for a home that was converted from personal use to a rental during the year.
In 2021 I converted my home from personal use to a rental. This home was rented for 9 months in 2021 (April - December). Under Rental Expenses> Insurance premiums, should I enter the insurance premium cost for the 9 months the home was rented, or should I enter the cost for the entire year? The same question applies to Real Estate Taxes. I'm uncertain because in the same Rental Expenses section, under ‘Report Mortgage Interests’, it clearly asks you to enter the rental portion of the mortgage interest.
April 3, 2022
8:10 AM