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New Member
posted Jun 4, 2019 9:00:29 PM

How do I divide interest and prop taxes in deductions when home converted to rental mid year and tax records indicate full year?

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1 Best answer
Intuit Alumni
Jun 4, 2019 9:00:30 PM

Your property taxes are fixed for the full year so you can use a percentage based on how many months were used as a rental. (If you used the property for 6 months as a rental then you can apply 50% of the taxes for the rental)

To determine the interest you can apply to the rental property use the interest amount shown on your monthly mortgage statements for the months the property was used as a rental.

1 Replies
Intuit Alumni
Jun 4, 2019 9:00:30 PM

Your property taxes are fixed for the full year so you can use a percentage based on how many months were used as a rental. (If you used the property for 6 months as a rental then you can apply 50% of the taxes for the rental)

To determine the interest you can apply to the rental property use the interest amount shown on your monthly mortgage statements for the months the property was used as a rental.