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Home interest deductions/rental property
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Home interest deductions/rental property
Yes, allocate each portion to personal/rental. Ex: Lived in home for 7 months and rental for 5 months. Allocate 60% of interest/property taxes as a personal deduction and 40% as a rental deduction.
For following year, if the property continues as a rental, all of the interest/property taxes will be entered on the rental side.
On the page, Do Any of These Situations Apply to This Property?, mark the boxes for first year to rent and that the property was converted from personal use to a rental in 2016.
**Mark the post that answers your question by clicking on "Mark as Best Answer"
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Home interest deductions/rental property
Yes, allocate each portion to personal/rental. Ex: Lived in home for 7 months and rental for 5 months. Allocate 60% of interest/property taxes as a personal deduction and 40% as a rental deduction.
For following year, if the property continues as a rental, all of the interest/property taxes will be entered on the rental side.
On the page, Do Any of These Situations Apply to This Property?, mark the boxes for first year to rent and that the property was converted from personal use to a rental in 2016.
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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