turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

rabbit63
New Member

Converted residence to rental mid-way thru 2016 - do I pro-rate/divide the mortgage interest and property tax between rental schedule and regular deductions?

It would be helpful if the program remembered specifics about my filing and prompted me based on what I'm inputting.
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
PatriciaV
Employee Tax Expert

Converted residence to rental mid-way thru 2016 - do I pro-rate/divide the mortgage interest and property tax between rental schedule and regular deductions?

Yes, if you converted your primary residence to a rental property during the year, you must allocate your expenses based on usage. The portion of homeowner deductions that applies to your personal residence would be reported on Schedule A (Itemized Deductions). The remainder would be entered as Rental Expenses (Schedule E)

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

1 Reply
PatriciaV
Employee Tax Expert

Converted residence to rental mid-way thru 2016 - do I pro-rate/divide the mortgage interest and property tax between rental schedule and regular deductions?

Yes, if you converted your primary residence to a rental property during the year, you must allocate your expenses based on usage. The portion of homeowner deductions that applies to your personal residence would be reported on Schedule A (Itemized Deductions). The remainder would be entered as Rental Expenses (Schedule E)

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question