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Raghu7
New Member

I rented my house starting July 2018 after it being a primary residence until June 2018. Do i prorate interest and taxes accordingly in deductions and rental expenses ?

 
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Leonard
Intuit Alumni

I rented my house starting July 2018 after it being a primary residence until June 2018. Do i prorate interest and taxes accordingly in deductions and rental expenses ?

Yes, you will prorate your interest and taxes based on the percentage of time the house was your primary residence and the time your house was a rental.

The prorated expenses, while the house was your primary residence would be deducted on Schedule A if you use itemized deductions in lieu of the standard deduction.

The rental portion of the prorated expenses will be reported on Schedule E.

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Leonard
Intuit Alumni

I rented my house starting July 2018 after it being a primary residence until June 2018. Do i prorate interest and taxes accordingly in deductions and rental expenses ?

Yes, you will prorate your interest and taxes based on the percentage of time the house was your primary residence and the time your house was a rental.

The prorated expenses, while the house was your primary residence would be deducted on Schedule A if you use itemized deductions in lieu of the standard deduction.

The rental portion of the prorated expenses will be reported on Schedule E.

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